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Questions about Anderson County audit
Posted By katie allison granju
Citizen Netmom’s initial perusal of the brand new audit report leaves her with some concerns:
This afternoon, the Tennessee Comptroller’s Office posted the FY07 Comprehensive Annual Financial Report for Anderson County. While I haven’t thoroughly examined all 277 pages, I did skip to the “findings” beginning on p. 274.
Expenditures exceeded Commission’s appropriations in six major categories, and the Trustee’s office invested $1,454,042 in a mutual fund, which is a no-no. Local governments (and school systems) are rather strictly limited in where they’re allowed to invest the public’s money, and while the mutual fund may have had a much sweeter rate of return, it’s also possible to lose money in a mutual fund (just like anything else in the stock market).
I might be able to write this off as a rookie mistake for a new trustee, but I do have some questions.
Dec 27th, 2007
