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| Louisville Audit Finds Issues With DOC |
| By courier-journal.com |
| Published: 03/22/2010 |
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The state’s year-end audit of Louisville Metro Government has identified more than 30 serious problems with the city’s financial reporting practices, including the Corrections Department’s loose handling of inmate cash and a $950,000 loan to the Cordish Cos. that lacked public accountability. Three of the most serious findings deal with weak financial management in the Department of Corrections, including its handling of cash; its difficulty in collecting inmate booking fees; and its failure to reconcile money in inmates’ accounts when they are released. The other serious finding relates to accounting practices in the city’s Finance Department that are out of compliance with generally accepted accounting principles, according to the audit. Because of those practices, auditors were unable to substantiate more than $46million in the deferred revenue account or accounts receivable. The money isn’t missing, but the auditors could not certify that it was in the right accounts. The audit criticized Mayor Jerry Abramson’s administration for: Entering into a $950,000 loan agreement with The Cordish Cos. to redevelop a storefront at 4th Street Live without requiring a right-to-audit clause in the contract. Read More. |
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