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Auditor Yost Releases Village of New Bavaria from Fiscal Emergency
Columbus – Auditor of State Dave Yost today released Village of New Bavaria (Henry County) from fiscal emergency, a status it has held since May 2010.
The Village of New Bavaria was placed in fiscal emergency on May 6, 2010 due to substantial deficit fund balances in the general fund of $12,851 and $12,686 as of December 31, 2009 and January 31, 2010, respectively. The treasury deficit also exceeded one-sixth of the treasury receipts by $10,985 and $11,755 as of December 31, 2009 and January 31, 2010, respectively.
To boost revenues, village council implemented a 1 percent income tax, which will generate approximately $20,000 annually.
To be released from fiscal emergency, the Village of New Bavaria met the following criteria:
- Adopted and implemented an effective financial accounting and reporting system;
- Corrected or eliminated all of the fiscal emergency conditions; no new conditions have occurred, and it appears that, based on the five-year forecast, the Village of New Bavaria 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.