Flynn critical audit is still not ready
February 5, 2010
PRESS RELEASE
At a time when the Town’ Budget is threatened by even more cuts in State Funding, it seems to me that completing an audited Financial Report for the prior year on a timely basis is more critical than ever in managing the Finances of the Town. Yet in Lincoln the report is not complete and is long overdue.
The last Fiscal Year ended on June 30th, 2009. We are now into the eighth month of a new Fiscal Year and we do not have a report from the last Fiscal Year. This problem occurs every year in Lincoln, but it is getting worse and not better.
It is the responsibility of the Town Council to provide for an audit each year and to provide oversight of management’s responsibility for financial reporting. As part of my responsibility I have asked publicly at the December and January Town Council meetings when we would receive the audit, and I could not get an answer from the Town Administrator. The Finance Director has not been at our last two meetings; so we could not ask him any questions on the Financial Reports.
When the Town Council engaged new auditors this year as a result of a bidding process, we met with the auditors on June 15th. At this meeting we were given a timetable; which called for a report to the Town Council in mid November. We have yet to see a report.
In my professional career I was the Chief Financial Officer of a large Hospital in Rhode Island. I know the importance of completing audits on a timely basis. Hospitals have a Fiscal Year end of September 30th, and they issue Audited Financial Statements in December.
When we received the report from our previous auditors last year there were some findings that raised a caution flag that there were problems in completing the Financial Reports for the Town. It appears we have the same problems, or maybe it has gotten worse. I think the taxpayers of Lincoln deserve a better performance by those responsible for the Financial Management of the Town. I will continue to raise this issue until it is resolved.
John W Flynn
Town Council
District 2
334-2519
