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City of Maple Heights Placed in Fiscal Watch
Columbus – Significant deficits prompted Auditor of State Dave Yost today to place the city of Maple Heights (Cuyahoga County) in fiscal watch after a requested review of the city’s finances.
“Mayor Lansky made the right decision by requesting this review,” Auditor Yost said. “My office will be available to Maple Heights to assist with its financial recovery plan.”
The review found that the city had an aggregate deficit of $1,487,473. The review also looked at Maple Heights’ overdue accounts and found that its capital improvements fund had accounts that exceeded one-twelfth of available revenues by $43,450. Finally, Maple Heights’ treasury deficit exceeded one-twelfth of the total amount it received by $16,281.
Maple Heights has 120 days to submit a financial recovery plan to the Auditor of State that identifies actions to be taken to eliminate all of the fiscal watch conditions. If a feasible financial recovery plan is not submitted within the time period prescribed, the Auditor of State shall declare that a fiscal emergency condition exists.
If fiscal distress is suspected in an entity, the Auditor of State’s office conducts an analysis of the entity’s finances. Conditions needed for a fiscal watch declaration are outlined in Section 118.021 of the Ohio Revised Code. Once an entity is placed fiscal watch, the Auditor of State’s office is available to provide technical and accounting assistance.
A full copy of this fiscal watch declaration may be accessed online.
The Auditor of State’s office, one of five independently elected statewide offices in Ohio, is responsible for auditing more than 5,800 state and local government agencies. Under the direction of Auditor Dave Yost, the office also provides financial services to local governments, investigates and prevents fraud in public agencies and promotes transparency in government.