Geauga County - Auditor of State Mary Taylor today announced a fiscal emergency for the Ledgemont Local School District. The determination was made as a result of the examination of the school district’s financial forecast conducted by the Auditor of State’s Local Government Services section. The Ledgemont Board of Education requested the examination.
A fiscal emergency was declared because the financial forecast identified an operating deficit of $2,170,000 for the current fiscal year and no additional revenue has been identified to reduce the deficit in the future.
When a district is placed in fiscal emergency, a five-member commission is appointed by the state to help the district regain financial stability. The commission is responsible for approving a plan that details solutions for eliminating the fiscal emergency conditions. The plan should also balance the budget and present strategies to avoid future deficits.
The plan must be approved by the district and submitted to the commission within 120 days of the commission’s first meeting.
Copies of the forecast and the declaration of fiscal emergency are available online.
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