BLOOMBERG: N.Y.’s DiNapoli Audits Long Beach Amid City’s Fiscal Crisis [LB IN THE NEWS]

This one goes out to the ones who believe we have a fiscal crisis and to those who don’t. Bloomberg reports on Long Beach and $$$$:

New York (STONY1) state Comptroller Thomas DiNapoli is conducting an audit of Long Beach (9309MF), the Long Island city whose credit rating was cut five levels in December.

…..The City Council declared a fiscal crisis last month after a 66 percent increase in overtime and a $500,000 payout to a retiring police commissioner forced officials to tap the bond market for $4.25 million in December. Long Beach is facing a $10.3 million deficit, about 12 percent of its $83 million budget, by the end of its fiscal year June 30. It may need to borrow again before then, Schnirman said in a March 19 interview.

There is plenty of more where that came from. Read: N.Y.’s DiNapoli Audits Long Beach Amid City’s Fiscal Crisis

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3 thoughts on “BLOOMBERG: N.Y.’s DiNapoli Audits Long Beach Amid City’s Fiscal Crisis [LB IN THE NEWS]”

  1. obviously the cash controls were deficient, a simple requirement to have overtime approved was only instituted recently

    at teh time I believe the city manager said that there were very few controls over requisitions as well

    the recent audit findings also stated for instance that there deficiencies in the reconciliations for the PD bank accounts

    the findings will be very colorful though they will focus on controls and may not really settle the question of when expenses got out of hand, just that they were not under proper review

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