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2014-01-30 at 13:35

Tax revenue dip, accounting error deals Dryden $4M deficit

By tbnewswatch.com
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Dryden's budget deficit has doubled.

The town’s mayor and city manager held a news conference Wednesday to announce the city is facing a $4 million deficit as it goes into its 2014 budget planning.

That's an increase of $2 million since November. 

City officials attribute the increase to a newly-discovered $1 million accounting error made in 2011. 

There has also been a $1 million drop in tax revenues, due to the reassessment of Domtar's Dryden Mill.

 

(Thunder Bay Television)

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Comments

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yqt says:
accounting error??

With modern technology accounting errors are things that happened in the day of pencil and paper..... who's doing the books anyways?
1/30/2014 11:24:41 PM
yqtyqt says:
Not to be confused with yqt, I agree completely.

As a former senior govt finance officer, I'm blown away that this would happen these days. The accounting responsibility falls on the municipal treasurer appointed under the authority of the municipal act. Together with many other mandated duties. The accounts, statements, controls, and financial records are then to be audited by professionals who are licenced by the govt.

How all of this passed by the hands of so many well paid and professional people and then went undetected is beyond comprehension.

It begs a long and complete explanation by many people. This, just isn't supposed to happen.

I hate to ask, but does the same firm audit the city's books.
1/31/2014 9:20:32 AM
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