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Auditor Faber Declares, Wayne Township in Fiscal Watch
Columbus – A substantial deficit in township funds prompted Auditor of State Keith Faber to place Wayne Township (Auglaize County) into fiscal watch today.
“Officials must act quickly to prevent the township from falling further into debt,” Auditor Faber said. “Declaring them in fiscal watch allows my office assist them in improving their financial outlook.”
The township Board of Trustees requested that the Auditor’s office perform a fiscal analysis to determine if the financial condition warranted a declaration of fiscal watch. The analysis found that as of Dec. 31, 2018, the township had deficit funds totaling $15,863. This significant deficit qualifies the township for fiscal watch status.
With the declaration of fiscal watch, the township has 90 days to submit an acceptable recovery plan, in addition to a five-year financial forecast.
A township is placed in fiscal watch if any one of the four conditions exists as of December 31. The four conditions are: 1) significant past due accounts; 2) substantial deficit balances in township funds; 3) a sizeable deficiency in the township’s treasury when the balance is compared to the positive cash balances of the township’s funds; and 4) a forecasted general fund deficit at the end of the current year that exceeds one twelfth of the general fund revenue from the preceding fiscal year.
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.