Join the mailing list to receive AOS Press Releases.Subscribe Now
Auditor Yost Releases Village of Morral from Fiscal Emergency
Columbus – Auditor of State Dave Yost today released Village of Morral (Marion County) from fiscal emergency, a status it has held since May 2013.
“Morral has found its financial footing again,” Auditor Yost said. “When you have a deficit, there are only two options: cut spending or raise revenues."
To boost revenues, village council implemented a one percent income tax, which will generate approximately $69,000 to $75,000 annually.
The Village of Morral was placed in fiscal emergency on May 14, 2013 due to substantial deficit fund balances in the general fund and park fund totaling $7,120 at December 31, 2012 and $8,370 at January 31, 2013.
To be released from fiscal emergency, the Village of Morral met the following criteria:
- Adopted and implemented an effective financial accounting and reporting system;
- Corrected or eliminated all of the fiscal emergency conditions and no new conditions have occurred, and it appears that, based on its five-year forecast, the Village of Morral will remain out of fiscal emergency during the forecast period;
- Met the major objectives of the financial recovery plan; and
- Prepared a five-year forecast in accordance with standards issued by the Auditor of State, and the opinion expressed by the Auditor of State is “nonadverse.”
A full copy of this fiscal emergency termination 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.