Monday April 26, 2010
Swift Response to Recommendations from State Audit
Mayor Jerry Abramson’s administration has completed or implemented more than 100 steps to improve the city’s financial practices to comply with recommendations in the annual state audit released just last month.
Another 81 improvements have been initiated and the vast majority of those changes will be completed or put into practice by June 30, the end of the city’s fiscal year.
“We have worked swiftly and diligently to make changes that will further strengthen a financial system that has already earned top national ratings from Wall Street firms,” Abramson said. “I appreciate the good advice from State Auditor Crit Luallen’s office, and I’m proud of our management team for making major strides in record time.”
The annual audit covered the FY 2008-2009 fiscal year, which ended more than nine months ago, and included more than 60 findings. The city had initiated but not completed numerous improvements during the period when state auditor’s team was reviewing the city’s financial practices.
Among the improvements completed or implemented:
· Business managers and department directors across government are receiving additional training in financial processes, procurement rules and internal controls.
· Metro Corrections has implemented new procedures for cash handling and is improving its inmate financial management system to better track individual accounts. Additionally, Corrections is adding new technology with the potential to increase booking fee collections and improve efficiency in cash handling.
- Metro Animal Services has fully implemented a state-of-the-art computer tracking database with barcode scanning for animals. These improvements better ensure animals are properly traced through their intake, stay, and adoption.
· Public Works is implementing more detailed procedures to review invoices, monitor private contractors and track expenditures for FEMA-eligible reimbursements for disaster recovery efforts.
· Office of Management and Budget is leading an accounting change across government to follow the auditor’s recommended method of reporting revenues and multi-year grants.
Under state law, the City of Louisville is audited annually to ensure accountability to its citizens and to get recommendations for strengthening financial operations. The City of Louisville has earned top credit ratings from Standard and Poor’s, Moody’s and Fitch – three of the nation’s top financial firms.