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Auditor Keith Faber Declares the Village of Newtonsville in Fiscal Emergency
Columbus – Past due accounts payable, deficit fund balances, and a treasury deficiency prompted Auditor of State Keith Faber today to place the Village of Newtonsville (Clermont County) in fiscal emergency.
“The Village of Newtonsville is going through some difficult financial times,” Auditor Faber said. “This declaration will allow my office to assist the village in developing a plan to regain fiscal stability.”
Mayor Kevin Pringle requested a fiscal analysis to determine if the financial condition of the village justifies the declaration of a fiscal emergency. The analysis determined that as of Apr. 30, 2019, three of the six fiscal emergency conditions existed. Accounts payable from the village’s general fund exceeded available fund receipts by $61,092, the village had a $112,853 deficit in the general fund, and the village had a treasury deficit of $33,616.
The village’s population is less than one thousand as of the most recent census; therefore, the Auditor of State’s office will serve as the financial supervisor and have all powers and responsibilities of a Financial Planning and Supervision Commission.
The Auditor’s office declares fiscal emergency if any one of six conditions exists: 1) default on debt obligation; 2) failure to make payment of all payroll; 3) an increase in the minimum levy of the village which results in the reduction in the minimum levy of another subdivision; 4) significant past due accounts payable; 5) substantial deficit balances in village funds; and 6) a sizeable deficiency when the village’s treasury balance is compared to the positive cash balances of the village’s funds.
The Auditor of State’s office, one of five independently elected statewide offices in Ohio is responsible for auditing more than 6,000 state and local government agencies. Under the direction of Auditor Keith Faber, the office also provides financial services to local governments, investigates and prevents fraud in public agencies, and promotes transparency in government.