Madison declared in fiscal caution – Hmmm”, I bet there will be more comments allowed here than on the MNJ site!

MADISON TOWNSHIP — State Auditor David Yost has declared Madison Township in a state of fiscal caution, and has given officials 60 days to present a proposal to correct problems.

Township trustees revealed the designation and deadline at Monday’s meeting.

In a letter dated May 17, Yost said the designation was based on four conditions, including failure to meet a 90-day deadline to restore financial records to an auditable condition. Township financial records were declared unauditable Jan. 17.

Other problems included deficit fund balances totaling $78,001 at the end of 2011, failure to reconcile records with bank statements for 27 months and “significant deficiencies, material weaknesses and direct and material noncompliance with state law” that were disclosed in the township’s 2008-09 state audit. The list included negative cash fund balances, appropriations exceeding estimated resources, receipts not posted or incorrectly posted and disbursements made from incorrect funds.

The fiscal caution declaration was based on a review of the township financial records April 19.

Yost gave the township 60 days to provide a written proposal to fix the problems. At minimum, the proposal must include appropriations within estimated financial resources, a timeframe for the bank reconciliation, a timeframe and steps to eliminate deficits and implement the proposal and a fiscal forecast.

Yost said failure to comply could lead to a designation of fiscal watch or fiscal emergency.

Township fiscal officer Sharon Willcox, who took office April 1, said the problem has been that the township has not had accurate balances at the beginning of the year.

“This has been going on for years and years and nobody has done anything about it,” she said.

Willcox said she worked for three straight days at the start of her term and was unable to reconcile township records with the bank balance using numbers provided by former fiscal officer Lorrie Tackett.

Willcox said it is her understanding that because the township is in fiscal caution, state auditors will come in and reconcile the books from Tackett’s information before starting their audit.

“The one good thing to come out of this is we will get some help,” she said. “I hope the state will stick around and help us out after they’re done and help us get started.”

Willcox was concerned the state could find more areas to correct.

Trustee Dan Fletcher was more optimistic. “There could also be money there that we don’t know about,” he said.

Link to comments on the MNJ, I bet some of those shared that were made there are CENSORED – lol! ;

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7 Responses to Madison declared in fiscal caution – Hmmm”, I bet there will be more comments allowed here than on the MNJ site!

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  5. buckeyesyd says:

    Phil Sydnor · Top commenter · Public Scrutiny
    “”The one good thing to come out of this is we will get some help,” she said. “I hope the state will stick around and help us out after they’re done and help us get started.”

    Do these people understand how STUPID they sound?, or is this what they call the dumbing down of America?

    How tough can this be?, in MY house you have money in and money out. I guess their problem is…they don’t live within their means? The optimistic depicting they may find money somewhere is quite laughable, does he not realize what township he’s in? – This is where ALL the crooks in the County reside who get professional courtesy & immunity, another reason why the County is broke. So getting help from your big brothers (the County/State) you better rethink!, they are broke as well.

    Maybe they need to get ahead of themselves and fix this problem to where their budgets are based on what they REALLY bring in, rather than on projections? The REAL tax payers who live within their means want EVERY branch of government to do it as well.

  6. buckeyesyd says:

    Time Sup · SubscribeSubscribedcant wait to make spain and gunder look stupid at my jury trial july 23 with the media there i will expose these tyrants and file more counter charges .

    Phil Sydnor · Top commenter · Public Scrutiny
    Gettem’ T – I can’t wait to see your story on blogs. Surely we’ll see more comments since we know there’s surely more than what’s being allowed here!

  7. buckeyesyd says:

    Jim Wetzel · Top commenter · Colorado Technical University
    Since Mr. Spain is the Madison Township Chairman or President, why was he not demanding answers many months, and apparently years, into this situation. At the minimum there should have been a financial report made by the finance officer monthly with a breakdown showing how the report was generated and what figures were used. Its easy to blame the former Auditor and perhaps she is the initial issue, however the township trustees that have let it go on for years are also to blame.

    I like this!

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