Bloomingburg Released from Fiscal Caution

The Village of Bloomingburg in Fayette County became just the second local government to be released from the state’s fiscal caution designation without slipping further into fiscal distress.

Auditor of State Dave Yost announced that the village has successfully eliminated the fund deficits and corrected the accounting shortcomings that led to a fiscal caution declaration almost four years ago in December 2013.

“The Village of Bloomingburg quickly applied the brakes to avoid plunging further into the red,” Auditor Yost said. “Congratulations to the community for this well-deserved accomplishment.”

Deficit balances in the village’s general fund totaled $28,819 and $28,011 at Dec. 31, 2012, and Nov. 30, 2013, respectively. The village’s 2011-12 audit also cited numerous deficiencies including over-payments to vendors, payments made from the wrong funds and a failure to certify purchases.

The village successfully erased its deficit by following through with its six-part fiscal recovery plan, which included steps to reduce general fund expenditures by $26,800. All funds were in the black as of Sept. 30, 2017, and the general fund balance at that time totaled $109,441.

Auditors determined that the village took action to properly certify purchases and ensure payments are made to vendors on time to avoid the possibility of making over-payments. The village also learned how to properly use features in the Auditor’s Uniform Accounting Network that aid in posting transactions to the correct funds.

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