If traditional school contracts, etc., subject to § 5705.412 were entered into during the period, inspect documentation indicating the related five-year projections were updated. (This step will be sufficiently covered by reading the assumptions and performing the steps below.) Read the client’s assumptions. Perform analytical procedures and evaluate whether the assumptions are reasonable and the resulting projections are in accordance with those assumptions. Consider if the projections indicate any possible concern” conditions [AU-C 570] or “going fiscal distress conditions. If in fiscal watch or fiscal emergency status, determine whether the school district updated its five year projection consistent with the terms outlined in the financial plan or financial recovery plan. Procedures, Government Personnel Interviewed and Dates: Conclusion (management letter comments): O-6 Compliance Requirement: Ohio Rev. Code § 5705.412 and Ohio Admin. Code § - Restriction upon school district expenditures and certifying adequate revenues. Application: City, local, exempted village and joint vocational school districts. Summary of Requirements: Ohio Rev. Code § 5705.412 requires the treasurer, superintendent and president of the board of education to certify that adequate revenues will be available to maintain all personnel and programs for the current fiscal year and for a number of days in the succeeding fiscal years equal to the number of days instruction was held or is scheduled for the current fiscal year. For a school district in fiscal emergency under Ohio Rev. Code chapter 3316, the certificate shall be signed by a member of the school district’s financial planning and supervision commission. [Ohio Rev. Code § 5705.412(B)(1)] Term of certificate: The certificate attached to an appropriation measure covers only the fiscal year in the appropriation measure is effective. The certification must be attached to all appropriation measures for temporary except measures when the temporary measure (1) does not appropriate more than 25 percent of the total resources available last year for any fund, (2) the measure will not be in effect for more than thirty days after the earliest date the school district could pass an annual
If traditional school contracts, etc., subject to § 5705.412 were entered into during the period, inspect documentation indicating the related five-year projections were updated. (This step will be sufficiently covered by reading the assumptions and performing the steps below.) Read the client’s assumptions. Perform analytical procedures and evaluate whether the assumptions are reasonable and the resulting projections are in accordance with those assumptions. Consider if the projections indicate any possible “going concern” conditions [AU-C 570] or fiscal distress conditions. If in fiscal watch or fiscal emergency status, determine whether the school district updated its five year projection consistent with the terms outlined in the financial plan or financial recovery plan. Procedures, Government Personnel Interviewed and Dates: Conclusion (management letter comments): O-6 Compliance Requirement: Ohio Rev. Code § 5705.412 and Ohio Admin. Code § - Restriction upon school district expenditures and certifying adequate revenues. Application: City, local, exempted village and joint vocational school districts. Summary of Requirements: Ohio Rev. Code § 5705.412 requires the treasurer, superintendent and president of the board of education to certify that adequate revenues will be available to maintain all personnel and programs for the current fiscal year and for a number of days in the succeeding fiscal years equal to the number of days instruction was held or is scheduled for the current fiscal year. For a school district in fiscal emergency under Ohio Rev. Code chapter 3316, the certificate shall be signed by a member of the school district’s financial planning and supervision commission. [Ohio Rev. Code § 5705.412(B)(1)] Term of certificate: The certificate attached to an appropriation measure covers only the fiscal year in the appropriation measure is effective. The certification must be attached to all appropriation measures except for temporary measures when the temporary measure (1) does not appropriate more than 25 percent of the total resources available last year for any fund, (2) the measure will not be in effect for more than thirty days after the earliest date the school district could pass an annual