Taylor Places the Bellaire Local School District in Fiscal Watch
Belmont County -
Auditor of State Mary Taylor today placed the Bellaire Local School District in fiscal watch. The declaration was made following the district’s failure to submit a financial recovery plan to the Ohio Department of Education (ODE) outlining steps the district is willing to take to eliminate a projected deficit of nearly $1.7 million.
“Bellaire Local School officials face some tough financial decisions in the weeks and months ahead,” Taylor said. “My office has worked with the district to identify potential cost savings that could eliminate projected deficits. It is now up to school officials to use this valuable information to get the district back on track financially.”
ODE initially placed Bellaire Local Schools in fiscal caution on April 24, 2009 following the results of a five-year financial forecast, which revealed a deficit of $1,693,000 by the end of fiscal year 2010. District officials then had 60 days to produce and submit a financial recovery plan, which they failed to do.
Bellaire School officials now have another 60 days to produce and submit a plan outlining steps they will take to eliminate potential deficits. The failure to do so will result in a fiscal emergency declaration. When a school district is placed in fiscal emergency, a state commission is appointed to help regain financial stability.
A copy of the complete fiscal watch declaration is available online at www.auditor.state.oh.us.