Tuesday, February 2, 2010

City's audit out, picture bleak

The Office of the Chief Financial Officer (OCFO) released the city's annual audit, known as the CAFR, on February 1.   The good news, according to a press release is that the city achieved a clean audit for the 13th year in a row.   The not-so-good news, as the Examiner's Mike Neibauer points out is that the city faces a nearly $500 million deficit in operating funds in FT 2011 - and that budget is still under development.   One driver of this projected deficit is agency overspending.   Neibauer details some of them.

How advocates will react to the news is anyone's guess.   Now is when some nonprofit organizers, analysts, and advocates meet with the city's top analysts to get budget and policy items included -- and excluded -- from the mayor's proposed budget.   The City Council will take action today at the council session to require the mayor to present a plan to address agency overspending.   And the CFO and his staff will present the findings of the CAFR at the City Council briefing on the audit in the Council Chamber on February 5 at 10:00 am.

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