Ohio Administrative Code Title 126 - Office of Budget and Management
Ohio Administrative Code – Title 126: Office of Budget and Management (OBM)
Title 126 of the Ohio Administrative Code outlines the rules and regulations governing the Office of Budget and Management (OBM). The OBM plays a critical role in the fiscal management and oversight of Ohio's state government operations. It supports budgeting, financial reporting, and fiscal control to ensure efficient and responsible use of state resources.
Key Areas Covered Under Title 126:
1. Rulemaking Authority
Title 126 rules are established under the authority granted by the Ohio Revised Code to the OBM.
These rules guide internal control, accounting policies, fund management, and budgeting procedures.
2. Budget Preparation and Control
Rules govern the preparation and submission of the state operating and capital budgets.
OBM coordinates with agencies to develop and maintain balanced budgets.
Sets timelines and documentation standards for budget submissions.
3. Fund Management and Accounting
Establishes standards for the management of public funds.
Provides for uniform accounting systems across agencies.
Ensures compliance with GAAP (Generally Accepted Accounting Principles).
4. Allotment and Expenditure Control
Regulates the release of appropriated funds.
Implements controls to monitor expenditures and prevent overspending.
Allows OBM to adjust or withhold allotments as necessary for fiscal stability.
5. Financial Reporting
Sets standards for agencies’ financial reports.
Requires timely submission of reports on appropriations, encumbrances, and disbursements.
6. Internal Controls and Audit Readiness
Encourages agencies to establish internal controls to deter fraud and waste.
Aligns with the requirements of the Auditor of State for audit preparation.
7. Technology and Reporting Systems
Covers rules on the use of the Ohio Administrative Knowledge System (OAKS).
Ensures standardized data entry and reporting across state entities.
Chapters Commonly Included (Examples):
126-1: General provisions
126-2: Budget preparation
126-3: Fund allotments and controls
126-5: Financial reporting requirements
126-6: Grants and intergovernmental transfers
126-7: Use and access to OAKS
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