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OH HB337
Bill
Status
11/6/2013
Primary Sponsor
Louis Terhar
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AI Summary
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Authorizes the Auditor of State to suspend all state funding (except benefit assistance) to counties, townships, and municipal corporations that fail to comply with budget, debt, or pension requirements, with funds released upon achieving substantial compliance.
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Requires political subdivision retirement systems to conduct annual actuarial valuations following American Academy of Actuaries standards and submit reports to the Ohio Retirement Study Council and Auditor of State by September 1st.
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Mandates that political subdivisions establish a maximum 30-year amortization period for unfunded pension liabilities, with plans requiring approval from both the Ohio Retirement Study Council and Auditor of State before adoption.
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Establishes limits on negative cash balances in general funds, capping them at no more than 10 percent of the preceding year's total revenue for counties, townships, and municipal corporations.
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Requires fiscal officers to provide monthly financial statements to local government leadership showing appropriation status and enables them to reduce expenditures or implement cost-saving measures if revenues are projected to be insufficient.
Legislative Description
To revise budgeting requirements that apply to local governments, mandate that certain actuarial standards be applied in political subdivisions that have independent retirement systems, and authorize the Auditor of State to impose sanctions on local governments that fail to comply with budget, debt, or pension requirements under state law.
Local government budgeting requirements/sanctions for noncompliance
Last Action
To State and Local Government
11/6/2013