Columbus – Overhauling insurance programs could help save more than $1.7 million at the Buckeye Local School District, according to a performance audit released today by Auditor of State Dave Yost.
Auditor Yost commended the district for leading practices in financial forecasting and prompt financial reporting. “Committed leadership is a big leg up in hard times,” Auditor Yost said. “You have to know where your problems and your strengths are, and that starts with good reports.”
The Ohio Department of Education put Buckeye Local School District into fiscal caution April 30, 2009, based upon projected deficits. The audit report recommends transferring funds out of an insurance reserve account that is no longer required because the district no longer self-insures. This transfer, along with available tax abatement monies, could save the district $770,000.
In potential annual savings, the audit recommends dropping payment of half of the employees’ share of retirement, known as “pick up,” to save more than $500,000 annually. Reducing health and dental insurance costs also could save more than $320,000 annually. Other suggestions include eliminating one administrator position, two clerical positions and 11 hours from daily food service labor.
During the course of the audit, the district implemented or began implementing some of the audit recommendations.
A full copy of this performance audit may be accessed online.
The Auditor of State is one of five independently elected statewide offices under the Ohio Constitution. Auditor Yost’s office is responsible for auditing over 5,600 state and local government agencies. Staff also works in partnership with state and local governments to deal effectively with financial, accounting and budgetary issues.