Tuesday, April 28, 2009

Audit Faults Rensselaer Finances

Troy Record: Comptroller critical of Rensselaer - again
A state audit has faulted the city’s management of its funds, the second report in four years to do so.

Released last week and spanning from August 2006 until July 2008, the report from the state comptroller’s office takes aim at the city treasurer for lax control over the city’s 49 bank accounts, as well as the Common Council that is tasked with overseeing the treasurer’s office.

Treasurer Susan Lupian, auditors wrote, “did not maintain custody of cash or even have a comprehensive list of all city-owned bank accounts and was unable to produce such a list upon our request.”

State auditors again critical of Rensselaer finances
All three audits noted the problems put city assets at risk because the disorganization and lack of monitoring make irregularities such as fraud hard to detect.

None of the audits, however, found evidence of missing funds, fraud or other wrongdoing.

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