Taylor Releases Village of Russells Point from Fiscal Emergency

Tuesday, December 18, 2007

Logan County -

Auditor of State Mary Taylor today released the Village of Russells Point from fiscal emergency. The village was placed in fiscal emergency on May 12, 2005. Since that time, members of the State Auditor’s Local Government Services section have worked extensively as financial advisors to assist the village with its economic recovery.

“Village officials are taking the proper actions to eliminate deficits but some work still remains,” Taylor said. “I am pleased that my office is able to work with village officials to help resolve their financial situation.”

Village officials have worked to correct problems with their accounting system that contributed to the village fund deficit of $174,053 in 2005. An appointed Financial Planning and Supervision Commission approved the recovery plan when the village entered fiscal emergency.

The announcement today dissolves the commission but Taylor says her office will continue to monitor the village’s implementation of an effective financial accounting and reporting system over the next two years.

The Auditor of State’s Local Government Services section serves as a consulting and fiscal advisory group to all governmental agencies and subdivisions when needed. The section issues publications, accounting manuals and advisory bulletins to assist local governments in performing their duties.

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).

A full copy of the audit is available online at www.auditor.state.oh.us.