Auditor Faber Declares Village of Rutland in Fiscal Emergency
For Immediate Release
Columbus – Auditor of State Keith Faber today deemed the Village of Rutland (Meigs County) in fiscal emergency after auditors found substantial deficit balances in village funds.
The Auditor’s office performed a fiscal analysis of the village to determine if the financial condition of the village justifies the declaration of a fiscal emergency. The analysis determined that as of December 31, 2021, the village qualified for two of the six fiscal conditions needed for the Auditor’s office to declare them in fiscal emergency.
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 village’s deficit in the general fund exceeds the statutory limit by $56,030 as of December 31, 2021. The treasury balance less the positive cash fund balances exceed one-sixth of the treasury receipts as of December 31, 2021, by $40,763.
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.