Audit ordered by Jacksonville city councilwoman finds $500M in accounting errors

[mtraininjax]

Lori Boyer ordered an audit to find over $500 million in accounting errors. More math problems for the Mayor. Nice guy, Not a leader!

http://www.actionnewsjax.com/news/news/local/audit-ordered-jacksonville-city-councilwoman-finds/nk5P9/

Current Mayor Alvin Brown's spokesman told us Boyer's claims were exaggerated, and said they've been working with Boyer's special City Council committee on the accounting. They also said a new city accounting system is in the works.

"The banking fund is the vehicle by which the city now borrows money," said Boyer. "Part of the problem we've seen is the ease of borrowing money using the banking fund."She said while the money doesn't appear to have been misused, there's one message to future city leaders.

"Don't spend cash you don't have," said Boyer.

[Non-RedNeck Westsider]

I'm sure forgetting to add this to your quote was just an accident...

JACKSONVILLE, Fla. — A city councilwoman told Action News there are a half-billion dollars in accounting errors dating back to 1999.

[mtraininjax]

Delaney denies it, who knows if the city has records that date back to 1999. Peyton is being closed lipped about it, but hey......neither of them are running for re-election.....are they?

Time for the roosters to come back to the nest for Brown. He could not play nice with the City Council for his 4 years, and now they are coming back to bite him in the rear.

And Lori Boyer did this to him, a fan favorite of MANY on MJ. Interesting to see the reactions!

[sheclown]

Lori Boyer ordered an audit to find over $500 million in accounting errors. More math problems for the Mayor. Nice guy, Not a leader!

http://www.actionnewsjax.com/news/news/local/audit-ordered-jacksonville-city-councilwoman-finds/nk5P9/

Current Mayor Alvin Brown's spokesman told us Boyer's claims were exaggerated, and said they've been working with Boyer's special City Council committee on the accounting. They also said a new city accounting system is in the works.

"The banking fund is the vehicle by which the city now borrows money," said Boyer. "Part of the problem we've seen is the ease of borrowing money using the banking fund."She said while the money doesn't appear to have been misused, there's one message to future city leaders.

"Don't spend cash you don't have," said Boyer.

Way to go CM Boyer!!!

[strider]

Let's see, no one in the city has been able to handle the Federal funds for the last decade or so, including the hand picked and promoted appointees of Mayor Brown.  Remember, the world was told Jacksonville "lacked the capacity" to deal with it's Federal funding. So why is it a surprise that Jacksonville simply can't get the accounting straight at all?  I would be more surprised if Lori Boyer had come out and said the city has been doing a good job. I do, however, wonder if her statement that there is no evidence of misuse is truly accurate.

[Dapperdan]

So, is the there half a billion out there not being used at all? If so, lets get that divied up and get some long standing issues resolved.

[urbanlibertarian]

Whatever money is spendable from this should go to infrastructure and pension liability.

[strider]

So, is the there half a billion out there not being used at all? If so, lets get that divied up and get some long standing issues resolved.

No, I suspect we will find it was used, just used unwisely.....

[Steve]

In reading here, there were no specifics. While I'm not a fan of the way Brown has managed the financial aspects of the city, this could simply be just something that an auditing firm feels isn't GAAP compliant.

The other things (and this happens in private business), is you get a certified audit done by Ernst and Young, then KPMG reviews and finds things that they consider "errors". In reality, it's just a different way of doing things. Both of them are highly respected, big 4 accounting firms.

The city has to have their financials audited every year for accounting accuracy. Someone who is a legit CPA should do a public records request for the last city audit. I know during at least the first term of Peyton's administration E&Y was doing the audits (not sure if they still do)

[Steve]

Just read the daily record article:

http://www.jaxdailyrecord.com/showstory.php?Story_id=545338

$50 million is quite a bit, even over 15 years. That is surprising to come up with audited financials (although in the auditor's defense, they can only audit against what is given to them)

[thelakelander]

Whatever money is spendable from this should go to infrastructure and pension liability.

For capital projects only....

It's been more than a mere tidying up by the City Council Special Committee on Capital Improvement Projects, though. More of a deep scrub that's reconciled $590 million and identified $50 million or so for future capital projects.

The latter being money that will better serve Downtown and all Jacksonville neighborhoods through ways like road and infrastructure improvements, said Lori Boyer, the special committee's chair.

[Dog Walker]

It's great that we have had some outstanding people on the Council for the past four years to pick up the slack in City government.

[Gunnar]

Just read the daily record article:

http://www.jaxdailyrecord.com/showstory.php?Story_id=545338

$50 million is quite a bit, even over 15 years. That is surprising to come up with audited financials (although in the auditor's defense, they can only audit against what is given to them)

People have done much worse wrt incorrect accounting - how about getting numbers wrong by 55 billion....

http://www.spiegel.de/international/germany/the-world-from-berlin-a-55-billion-euro-windfall-from-germany-s-dumbest-bank-a-794994.html

[Noone]

And the DIA Board is going to fast track the vote on Shipyards III today?

[mtraininjax]

People have done much worse wrt incorrect accounting - how about getting numbers wrong by 55 billion....

Who cares? Does China do an inventory of the 16 Trillion the US owes them? It matters not in Jacksonville.

All that DOES matter is that Lori Boyer searched and searched and searched and found over 50 million in money that can be used to fix roads, sidewalks and other items that MAYOR BROWN was supposed to find on his watch. This is another prime example of the City Council doing the job for Brown.

ALVIN BROWN : Nice guy, not a leader, and not mayor material.