Columbus – Projected deficits prompted Auditor of State Dave Yost today to declare the Monroe Local School District (Butler County) in a state of fiscal watch.
“These are undoubtedly tough times for the Monroe Local Schools that will require difficult decisions,” Auditor Yost said. “I encourage the district to utilize every tool available to chart a path back to fiscal health.”
On October 1, 2011, the Ohio Department of Education declared the district in a state of fiscal caution based on anticipated deficits for fiscal years ending June 30, 2012 and 2013. The Ohio Department of Education notified the Auditor of State’s office that the Monroe Local School District failed to submit an acceptable written proposal to correct the financial conditions that prompted the fiscal caution declaration and requested the district be placed in fiscal watch.
The Auditor of State’s office reviewed the district’s five-year forecast submitted on October 26, 2011 and determined that the Ohio Department of Education’s request was reasonable. The district’s five-year forecast includes a deficit of $1,568,000 for fiscal year 2012 and a deficit of $2,705,000 for fiscal year 2013.
Within 60 days of this declaration, the Monroe Local School District must submit a financial plan designed to correct their financial problems. If the district is unable to do so, fiscal emergency will be declared. Technical assistance will be available to district leaders from both the Auditor of State’s office as well as the Ohio Department of Education, free of cost to the district.
A full copy of this fiscal watch declaration can be found online.
The Auditor of State’s office, one of five independently elected statewide offices in Ohio, is responsible for auditing more than 5,600 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.