Auditor Taylor Chairs First Sinking Fund Meeting

Wednesday, March 19, 2008

Columbus -

Auditor of State Mary Taylor today presided over the Commissioners of the Sinking Fund meeting.  This is the first meeting held for the commissioners who are the current statewide officeholders, and the first to occur in seven years, to discuss Sinking Fund activities. 

“It is important to fulfill our obligations under the Ohio Constitution.  I am pleased that my colleagues are joining me to honor our shared responsibility to the Sinking Fund,” said Taylor.

The meeting agenda included a review of the fiscal year 2006 audit of the Commissioners of the Sinking Fund.  The group also discussed the selection of an accounting firm to conduct the fiscal year 2007 audit of the fund.  Other agenda items included a brief discussion of Senate Joint Resolution 5, sponsored by state Senator Timothy Grendell (R-Chesterland), and the potential impact on the duties and responsibilities of the Commissioners.

State law establishes the Auditor of State as president of the Commissioners of the Sinking Fund; the Secretary of State serves as the secretary and the governor, treasurer of state, and attorney general as members.  The sinking fund was amended to the Ohio Constitution in 1851 and exists to ensure that the state pays debt obligations.