Mahoning County Government: Auditor Releases Oak Hill Renaissance Center Financials - Fifteen Years Of Revenues And Expenses

Press release from the Mahoning County Government:

November 30, 2021

For Immediate Release - November 30, 2021For More Information, please call Ralph T. Meacham, CPA (330) 740-2010

The Mahoning County Auditor’s Office has completed an updated comprehensive review of the revenues and expenses attributable to the Oak Hill Renaissance Center from 2006 to 2020. The numbers presented are consistent with prior audited financial statements of the County, most notably the Comprehensive Annual Financial Reports (CAFR) of the County. The purpose of this review is to provide a clear, accurate, and objective picture of the impact of Oak Hill Renaissance Center on County finances to date. Current occupancy is 52%. Attempts to lease additional space has been hindered by the high cost of renovating to make it suitable for a tenant. The condensed cumulative results for the years 2006 to 2020 are as follows:

Operating Expense   $27,409.424

Net Operating Expenditures over Revenues   $(5,598,123)

Interest Income   $1,418,472

Interest Expense   $4,788,713

This press release was produced by the Mahoning County Government. The views expressed here are the author’s own.