The Philadelphia controller's office has released the results of an audit into the city's 2011 financial statements that reveals gross financial errors to the tune of over $1 billion dollars, his office announced Monday.
Alan Butkovitz's "City of Philadelphia Report on Internal Control, Compliance and Other Matters for Fiscal 2011" revealed multiple oversights that included year-end tax errors and account receivable balances errors.
According to Butkovitz, "These misstatements occurred because the Revenue Department did not have written procedures to guide city accountants in the accurate determination of all year-end receivable balances."
He also laid blame on inadequate employee training.
"Neglecting to update the new method on a timely basis and communicating with departments contributed to the $1.4 billion in misstatements," said Butkovitz.
The Controller's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters is based on an audit of financial statements performed in accordance with government auditing standards.
We're getting rain well ahead of our cold front. Expect to need that umbrella on and off all day and tonight, too. A bit messy, unfortunately, for First Friday activities.
With the blast of cold air that follows, we'll probably have a dry day on Saturday, and the chance of a Sunday wintry mix into the afternoon and evening. A light coating could occur for some before a changeover to rain. Stay tuned!