Posted on Tuesday, Nov. 24, 2009
Budget practice facing the fire
By MICHAEL VASQUEZ
Miami skirted financial integrity rules -- enacted in the wake of City Hall's 1990s-era financial meltdown -- by using ``inaccurate and misleading'' budgetary practices as it scrambled to fill budget holes, the city's internal auditor has concluded.
The city's audit comes amid an inquiry by the Miami office of the U.S. Securities and Exchange Commission, The Miami Herald has learned. The SEC is examining whether Miami issued public bonds based on questionable representations of the city's true financial conditions. So far the agency has not reported its findings.
The Nov. 17 city audit, prepared by Auditor General Victor Igwe, questions how forthcoming Miami's in-house financial team has been with elected officials and the public as the city grappled with steep budget holes and rising pensions in recent years. At one point, the audit faults the city's budget director for delaying and stonewalling the review.
Comments