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Village of Midland Released from Fiscal Emergency
Columbus -- Auditor of State Dave Yost today released the Village of Midland (Clinton County) from fiscal emergency, a status it has held since 2006.
The Village of Midland was placed in fiscal emergency on November 30, 2006 due to deficit fund balances in two funds.
To eliminate its fiscal emergency status, the Village of Midland passed a five year, 3-mill operating levy in 2012 to generate an additional $7,000 in annual revenue. The village also partnered with Jefferson Township to exchange use of the village hall for snow removal in the village, as well as the partial cost of utilities. This agreement provided annual savings of approximately $4,000.
To be released from fiscal emergency, the Village of Midland met the following criteria:
- Adopted and implemented an effective financial accounting and reporting system;
- Corrected or eliminated all of the fiscal emergency conditions and no new conditions have occurred, and it appears that, based on its five-year forecast, the Village of Midland will remain out of fiscal emergency during the forecast period;
- Met the major objectives of the financial recovery plan; and
- Prepared a five-year forecast in accordance with standards issued by the Auditor of State, and the opinion expressed by the Auditor of State is “nonadverse.”
A full copy of this fiscal emergency termination may be accessed online.
The Auditor of State’s office, one of five independently elected statewide offices in Ohio, is responsible for auditing more than 5,700 state and local government agencies. Under the direction of Auditor Dave Yost, the office also provides financial services to local governments, investigates and prevents fraud in public agencies and promotes transparency in government.