Richland County -
Auditor of State Mary Taylor today released the audit of the Shelby City School District for fiscal year 2007. The audit indicates that while school officials are making significant improvements to the district’s financial condition, a few issues remain.
The district was placed in fiscal emergency on April 7, 2005. Since that time, school officials implemented a financial recovery plan and reduced spending by an estimated $3.2 million.
“School officials are working hard to improve the district’s financial situation and they should be commended for their progress,” Taylor said. “I encourage them to keep up the good work.”
Shelby City Schools remain under the supervision of the fiscal emergency committee. The district ended fiscal year 2007 with a general fund cash balance of $773,282. Additionally, school officials project a positive general fund balance of more than $1.8 million for fiscal year 2008.
The audit also recommends that school officials develop a capital assets policy and perform timely bank reconciliations as additional measures to improve financial accountability.
A copy of the complete audit is available online at www.auditor.state.oh.us.
The Ohio Auditor of State’s office is one of the largest accounting offices in the nation. The office strives to ensure that all public funds are spent legally and appropriately and works aggressively to root out fraud, waste and abuse in public spending. Taylor encourages anyone suspecting fraud or misspending of public dollars to contact her office toll free at 1-866-FRAUD-OH (1-866-372-8364). Since taking office, Taylor has identified more than $10.8 million in public funds that were handled improperly, spent illegally or stolen and must be repaid.