Professional Report



Within 60 days of the Auditor of State declaration, board shall submit a financial recovery plan to the

State Superintendent.



Plan to eliminate current deficit and avoid future deficits.



State Superintendent evaluates, then accepts or rejects plan within 30 days.



If disapproved, State Superintendent shall recommend modifications that would make the plan

acceptable.



No district shall implement a recovery plan unless approved by State Superintendent.



Upon request, the Ohio Department of Education and Auditor of State shall provide technical

assistance.



May amend plan at anytime with State Superintendent approval.



Board must submit an updated recovery plan annually.



State Superintendent shall accept or reject the updated plans no later than the anniversary of the

date on which the first plan was approved.

Restructuring Loans While Under Fiscal Watch

(Section 3316.041 of Revised Code)

(A) District may restructure or refinance loans if all of the following are met:

1. Certified deficit for current or preceding year exceeds 15% of prior year’s general revenue.

2. Voters have approved a levy while district was under fiscal watch that is not a renewal or

replacement levy and that will provide new operating revenue.

3. The board has adopted or amended the financial recovery plan to reflect the restructured or

refinanced loans, and set forth the means by which the district will bring operating revenues and

expenditures into balance.

(B) The district may issue securities to restructure or refinance loans.



Securities issued may extend the original repayment period up to 10 years.



Securities issued under this section shall be repaid in equal payments and at equal intervals.



Securities issued under this section are not eligible to be included in any subsequent proposal to

restructure or refinance.

duration of the repayment period of any loan restructured or refinanced under this section.

Last Modified: 4/2/2013 12:52:54 PM