Columbus - Auditor of State Dave Yost released the Jefferson Township Local School District from fiscal emergency today, a status they held since August of 2008.
 
“The Jefferson Township Local Schools worked tirelessly to “skinny” down their operations and bring the district back to the fiscal health that taxpayers deserve,” Auditor Yost said.  “My office is proud to play a role in helping school districts become more efficient in their use of each dollar.”
 
The Jefferson Township Local School District was placed into fiscal caution by the Ohio Department of Education on May 9, 2003 on the basis of projected deficits for fiscal years 2003 and 2004.  The Auditor of State declared the district in fiscal watch on February 9, 2004 due to their failure to submit a written proposal for eliminating the anticipated deficits.  Fiscal emergency was declared on August 11, 2008 because the district failed to submit an acceptable updated recovery plan to the Superintendent of Public Instruction.
 
The district took a number of different actions to eliminate their fiscal emergency status, including staff reductions of 26 positions, saving the district approximately $1.5 million.  By returning special education students to the district from the Montgomery County Educational Service Center, Jefferson Township Local Schools will save approximately $450,000 annually.  The district also joined a purchasing pool for gas and electric and saves another $43,000 each year.
 
A levy of 5-mills passed in 2008 to generate additional revenue, and a 9.5-mills renewal levy passed in 2009.
 
The district received $1.5 million in state solvency assistance funds in FY 2009 and expects to have the advances repaid in FY 2011.
 
To be terminated from fiscal emergency, the Jefferson Township Local School District met the following criteria:

• An effective financial accounting and reporting system is in the process of being implemented, and is expected to be completed within two years;
• All of the fiscal emergency conditions have been corrected or eliminated, and no new conditions have occurred, and it appears that the district will remain out of fiscal emergency during the forecast period;
• The objectives of the financial recovery plan are being met; and,
• The school has 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 termination is available online.


The Auditor of State is one of five independently elected 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.

Contact:
Carrie Bartunek
Press Secretary
(614) 728-7198