Ohio Revised Code
Chapter 3316 | Fiscal Watches, Emergencies
Section 3316.10 | School District Board to Develop Financial Accounting and Reporting System.

Effective: June 20, 1996
Latest Legislation: Senate Bill 310 - 121st General Assembly
A school district board that is instructed to do so by the school district financial planning and supervision commission for that district shall develop an effective financial accounting and reporting system by:
(A) Promptly bringing its existing system of financial accounting and reporting into compliance with section 117.43 of the Revised Code. Within ninety days after the declaration of the existence of a fiscal emergency condition pursuant to division (B) of section 3316.03 of the Revised Code, the auditor of state shall issue a preliminary report with respect to the methods, accuracy, and legality of the accounts, records, files, and reports of the school district. This report shall state whether section 117.43 of the Revised Code and the requirements of the auditor of state have been complied with, and shall be certified to the school district financial planning and supervision commission and the board of education of the school district.
(B) Modifying and supplementing the system of financial accounting and reporting to record and report its fiscal activities on an accurate, current, and continuous basis in order to facilitate the effective management of the affairs of the school district, and to assist in refining and improving the restructuring plan and amendments of it, facilitate the monitoring of compliance with and the implementation of the plan, and otherwise assist the financial planning and supervision commission, the auditor of state, and the county budget commission in the performance of their functions; provided that any changes that would result in data not being available that would otherwise be available pursuant to section 117.43 of the Revised Code shall first be approved by the auditor of state.

Structure Ohio Revised Code

Ohio Revised Code

Title 33 | Education-Libraries

Chapter 3316 | Fiscal Watches, Emergencies

Section 3316.01 | Fiscal Watch - Fiscal Emergency Definitions.

Section 3316.02 | Solvency Assistance Fund - Shared Resource Account - Catastrophic Expenditures Account.

Section 3316.03 | Auditor of State to Declare Fiscal Watch or Fiscal Emergency.

Section 3316.031 | Identifying Unsafe Fiscal Practices and Budgetary Conditions.

Section 3316.04 | Submitting Financial Plan After Declaration of Watch.

Section 3316.041 | Restructuring or Refinancing Loans.

Section 3316.042 | Performance Audits of School District.

Section 3316.043 | Revision of Five-Year Projection to Conform to Financial Plan.

Section 3316.05 | Financial Planning and Supervision Commission.

Section 3316.06 | Commission to Adopt Financial Recovery Plan.

Section 3316.061 | Dissolution of Commission for Failure to Comply and Appointment of Fiscal Arbitrator.

Section 3316.07 | Commission - Powers, Duties and Functions.

Section 3316.08 | Annual Determination of Operating Deficit - Tax Levy Proposal.

Section 3316.09 | Expenses of Commission and Members of Commission to Be Paid.

Section 3316.10 | School District Board to Develop Financial Accounting and Reporting System.

Section 3316.11 | Board, Officers and Employees to Provide Commission With Fiscal Information.

Section 3316.12 | Effect of Financial Recovery Plan.

Section 3316.13 | Duty to Act Pursuant to Certification, Notification, Order or Request of Commission.

Section 3316.14 | Prior Approval of Commission Required for Debt Obligation.

Section 3316.16 | Criteria for Termination of Commission.

Section 3316.17 | Commission May Remove Superintendent or Treasurer of School District.

Section 3316.18 | Severability.

Section 3316.19 | Prohibited Acts During Fiscal Emergency.

Section 3316.20 | School District Solvency Assistance Fund; Shared Resource Account; Catastrophic Expenditures Account.