City Audit Cites Improvements, But Recommends More Internal Controls
Edit: Due to an error, Councilor Neil Kinnon was inadvertantly listed as the author of this piece. While he uploaded the document, he did not author the text below.
The attached management letter (click the picture at right to read) was received by the City Council on June 14th 2012 from the City Controller who recently received the report from the City Auditors, and reports on the city's long-term financial standing.
The report finds that "after three very challenging years of experiencing significant free cash declines," that the "city is finally showing signs of emerging from this financial crisis and achieving some measure of stability," though it also makes some recommendations for better internal controls and an increase in cash reserves.
What do you think about the report? Would you support a tax increase or cut in spending to increase the city's reserves?