Taylor Releases Village of Sparta from Fiscal Emergency

Thursday, May 27, 2010

Morrow County - Auditor of State Mary Taylor announced the village of Sparta has been released from fiscal emergency.  The village was originally placed in fiscal emergency three years ago based on deficit funds and defaulting on debt obligations.

“This announcement is welcome news for the entire community and I commend village officials for their work,” Taylor said.  “I am pleased that my office was able to assist the village in restoring financial stability.”

The Auditor of State’s Office declared a fiscal emergency in Sparta on May 31, 2007 after a fiscal analysis showed the village was more than 90 days behind in debt payments and had fund deficits of $14,193.  Since that time, the Auditor of State’s Local Government Services section has worked extensively with local officials to help eliminate the deficit, resolve the default on debt obligations and correct other financial problems.

Taylor’s announcement effectively dissolves the state commission formed in 2007 to oversee the financial recovery of the village.

A copy of the complete analysis is available online.

The Ohio Auditor of State’s office is a leader in the accounting and auditing field, earning prestigious national honors from the Government Finance Officers Association, the National White Collar Crime Center and the National State Auditors Association.

Julia Debes
(614) 644-1111