Ohio Revised Code
Chapter 3316 | Fiscal Watches, Emergencies
Section 3316.16 | Criteria for Termination of Commission.

Effective: July 1, 2011
Latest Legislation: House Bill 30 - 129th General Assembly
(A) A school district financial planning and supervision commission, with respect to its functions under this chapter, shall continue in existence until such time as a determination is made under division (B) of this section that all of the following have occurred:
(1) An effective financial accounting and reporting system in accordance with section 3316.10 of the Revised Code is in the process of being implemented, and it is reasonably expected that this implementation will be completed within two years.
(2) All of the fiscal emergency conditions determined pursuant to division (B) of section 3316.03 of the Revised Code have been corrected or eliminated, and no new fiscal emergency conditions have occurred.
(3) The objectives of the financial recovery plan described in section 3316.06 of the Revised Code are being met.
(4) The school district board has prepared a financial forecast for a five-year period in accordance with the standards issued by the auditor of state and an opinion has been rendered by the auditor of state that the financial forecast is considered to be nonadverse. The forecast shall display the district's projected compliance with section 3315.18 of the Revised Code beginning in the year the commission is proposed for termination.
(B) The determination that all conditions listed in division (A) of this section for the termination of the existence of the commission and its functions exist may be made either by the auditor of state or by the commission and shall be certified to the commission, the auditor of state, the governor, the director of budget and management, and the budget commission, whereupon such commission and its functions under this chapter shall terminate. This determination shall be made by the auditor of state upon the filing with the auditor of state of a written request for such a determination by the school district board, the governor, or the commission, or may be made by the auditor of state upon the auditor of state's own initiative.
(C) The commission shall prepare and submit at the time of such certification a final report of its activities, in such form as is appropriate for the purpose of providing a record of its activities and assisting other commissions created under this chapter in the conduct of their functions. All of the books and records of the commission shall be delivered to the auditor of state for retention and safekeeping.
(D) Upon receipt of the certification provided for in division (B) of this section, the director of budget and management shall follow the procedures set forth in section 126.29 of the Revised Code.
(E) If, at the time of termination of the commission, an effective financial accounting and reporting system has not been fully implemented, the auditor of state shall monitor the progress of implementation and shall exercise authority under this section and Chapter 117. of the Revised Code to secure full implementation at the earliest time feasible but within two years after such termination.

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.