City in fiscal emergency has an end in sight

The village of Waynesville, Ohio, has been in fiscal emergency since April 2008, and the local council is hoping to end the emergency and return to financial independence by this summer, reports The Dayton Daily News.

The Ohio Auditor of State conducted recovery audits and found that there was a deficit of over $200,000. Auditors found that poor bookkeeping and careless record keeping of financials led to the debt. The city's financial director was making payments and deposits, but did not keep track of any transactions. Also, the village council was not analyzing any of the financial records, says the Daily News.

Waynesville has proposed its 12th recovery plan since declaring fiscal emergency while it is currently being reviewed by the Auditor of State.

Waynesville is not the only Ohio city in financial trouble. The Springfield News-Sun states that while no Ohio cities have declared fiscal emergency since 2010, there are several that are in a state of fiscal caution, a step removed from emergency. This gives cities or villages the chance to correct problems or develop a financial plan before being reviewed by the state.

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove You're Human * Time limit is exhausted. Please reload the CAPTCHA.