Taylor Releases Columbiana Exempted Village School District from Fiscal Watch

Friday, March 16, 2007

Columbiana County -

Auditor of State Mary Taylor has released Columbiana Exempted Village School District from fiscal watch due to action taken to improve its financial situation.

“The school district has worked hard to turn around its financial situation and local officials should be commended for their progress,” Taylor said. “I encourage them to keep up the good work by building upon these improvements.”

Columbiana Exempted Village School District was placed in fiscal watch on June 22, 2004 due to a projected deficit in the general fund and the inability to develop a plan to prevent further fiscal decline.

In order to be released from fiscal watch status, an entity must:

  • Receive an unqualified (clean) opinion in the most recent audit
  • Have no major issues relating to accounting policies and procedures that could negatively impact the financial recovery or condition of the district in its most recent audit
  • Develop a five-year budget forecast demonstrating that the district will avoid all fiscal watch conditions for the current and ensuing fiscal year and an unqualified opinion on their forecast from the Auditor of State.

The Ohio Auditor of State’s Office is one of the largest accounting offices in the nation.  The office strives to ensure that all public funds are spent legally and appropriately and works aggressively to root out fraud, waste and abuse in public spending. Taylor encourages anyone suspecting fraud or misspending of public dollars to contact her office toll free at 1-866-FRAUD-OH (1-866-372-8364).