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Taylor Declares Fiscal Watch Status for Federal Hocking Local School District
Athens County -
State Auditor Mary Taylor has placed Federal Hocking Local School District in fiscal watch status due to a deteriorating financial situation. The district forecasts a deficit of $282,000 and $1,466,000 for fiscal years 2007 and 2008.
The Ohio Department of Education placed Federal Hocking Local School District in fiscal caution on October 18, 2006. The district has been elevated to fiscal watch because of its failure to submit a plan to improve its financial situation.
“It’s important that our schools operate in a fiscally sound and stable manner,” Taylor said.
“My office is ready and willing to provide assistance to school administrators in immediately addressing this issue by developing a strategy that will restore the district’s financial situation.”
Fiscal watch status requires that the school district submit a financial plan within 60 days to the Ohio Department of Education. If they are unable to submit an acceptable plan, the school district will be placed in fiscal emergency within 120 days.
The Ohio Auditor of State’s Office is one of the largest accounting offices in the nation. The office strives to ensure that all public funds are spent legally and appropriately and works aggressively to root out fraud, waste and abuse in public spending. Taylor encourages anyone suspecting fraud or misspending of public dollars to contact her office toll free at 1-866-FRAUD-OH (1-866-372-8364).
A full copy of the fiscal watch declaration is available online.