Effective: September 29, 2011
Latest Legislation: House Bill 153 - 129th General Assembly
(A) The auditor of state shall develop guidelines for identifying fiscal practices and budgetary conditions of municipal corporations, counties, and townships that, if uncorrected, could result in a future declaration of a fiscal watch or fiscal emergency.
(B) If the auditor of state determines that a municipal corporation, county, or township is engaging in any of those practices or that any of those conditions exist, the auditor of state may declare the municipal corporation, county, or township to be under a fiscal caution.
(C) When the auditor of state declares a fiscal caution, the auditor of state shall promptly notify the municipal corporation, county, or township of that declaration and shall request the municipal corporation, county, or township to provide written proposals for discontinuing or correcting the fiscal practices or budgetary conditions that prompted the declaration and for preventing the municipal corporation, county, or township from experiencing further fiscal difficulties that could result in a declaration of fiscal watch or fiscal emergency.
(D) The auditor of state, or a designee, may visit and inspect any municipal corporation, county, or township that is declared to be under a fiscal caution. The auditor of state may provide technical assistance to the municipal corporation, county, or township in implementing proposals to eliminate the practices or budgetary conditions that prompted the declaration of fiscal caution and may make recommendations concerning those proposals.
(E) If the auditor of state finds that a municipal corporation, county, or township declared to be under a fiscal caution has not made reasonable proposals or otherwise taken action to discontinue or correct the fiscal practices or budgetary conditions that prompted the declaration of fiscal caution, and if the auditor of state considers it necessary to prevent further fiscal decline, the auditor of state may determine that the municipal corporation, county, or township should be in a state of fiscal watch.
Structure Ohio Revised Code
Chapter 118 | Local Fiscal Emergencies
Section 118.01 | Local Fiscal Emergency Definitions.
Section 118.02 | Requiring Fiscal Integrity of Municipal Corporations, Counties, and Townships.
Section 118.021 | Initiating Fiscal Watch Review.
Section 118.022 | Conditions Constituting Grounds for Fiscal Watch.
Section 118.023 | Declaring Existence of Fiscal Watch; Financial Recovery Plan.
Section 118.03 | Fiscal Emergency Conditions.
Section 118.04 | Determining Existence of Fiscal Emergency Condition.
Section 118.041 | Performance Audit of Municipal Corporations.
Section 118.05 | Financial Planning and Supervision Commission.
Section 118.06 | Submission of Detailed Financial Plan.
Section 118.07 | Commission or Financial Supervisor - Powers and Duties.
Section 118.08 | Powers, Duties, and Functions of Financial Planning and Supervision Commission.
Section 118.09 | Paying Expenses and Obligations.
Section 118.10 | Developing Effective Financial Accounting and Reporting System.
Section 118.12 | Failure to Submit Plan.
Section 118.13 | Appropriations May Not Be Contrary to Financial Plan.
Section 118.14 | Commission Communications.
Section 118.15 | Prior Approval of Debt Obligations.
Section 118.16 | Bond Anticipation Notes.
Section 118.17 | Issuing Local Government Fund Notes.
Section 118.18 | Debt Obligation Definitions.
Section 118.19 | Using Special Provisions for Debt Obligations.
Section 118.20 | Authorizing Debt Obligations.
Section 118.21 | Rights and Remedies of the Holders of Debt Obligations.
Section 118.22 | Pledge and Agreement of State With and for Benefit of Holders of Debt Obligations.
Section 118.23 | Current Revenue Notes Issued During Fiscal Emergency Period.
Section 118.24 | Issuing Advance Tax Payment Notes.
Section 118.25 | Invest in Current Revenue Notes.
Section 118.26 | Debt Obligations.
Section 118.27 | Continued Existence of Commission.
Section 118.28 | Severability - Construction.
Section 118.31 | Legal Action to Dissolve a Municipal Corporation or Township.