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Thursday, June 21, 2012

City expects to meet deadline on annual financial audit

Posted By on Thu, Jun 21, 2012 at 11:31 AM

The New Orleans City Council's Budget, Audit and Board of Review is scheduled to meet today at 2 p.m. and among the items on its agenda is a status update on the Comprehensive Annual Financial Report (CAFR) for the 2011 fiscal year, which, a City Council staffer tells Gambit, is expected to be delivered on time this year. Last year's CAFR came in three months late.

The CAFR is an annual audit of the city's financial health, which the city is required to hand into the state of Louisiana by the end of the state fiscal year, June 30, a little over a week away. Last year, however, the city had to get an extension on its FY 2010 report, and did not turn it in until September, as we reported last fall:

Along with the CAFR, [Postlethwaite and Netterville accountant Joey] Richard laid out a second report on accounting and budgetary problem areas. "There are 13 findings in the report," Richard said.

Number 13, among the more serious, noted that the city did not meet the June 30, 2011, deadline for reporting its CAFR to the State of Louisiana. The report blames a lack of staff in the city's Finance Department.

(Continued after the jump)

Richard's report further noted that it was a repeat problem. The 2009 CAFR was delivered on July 30, 2010, a month late.

But according to at-large Councilwoman (and Budget Committee member) Stacy Head's director of communications, Danielle Viguerie, the city allocated additional resources — including funding and staff — to accounting this year. Viguerie says Council budget researchers believe the June 30 deadline will be met.

"The City Council allocated more funds this year; the administration hired more accountants, so it will be on time, fingers crossed,” Viguerie says.

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