NEW: City Council Passes Financial Reform Ordinances
Friday, July 08, 2011
The City Council unanimously voted to pass a series of financial reform ordinances laid out by Gary Sasse and Internal Auditor Matt Clarkin in late April following a comprehensive review of the city’s finances.
The report, called the Corrective Action Plan to Restore Sound Financial Management, recommended setting guidelines to replenish the City’s “Rainy Day Fund,” creating an Audit Committee to oversee City accounting procedures and instituting mechanisms to ensure financial disclosure.
Council President Michael Solomon praised the new ordinances.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“This legislative package implements several good government reforms to help prevent future fiscal crises of this magnitude,” Solomon said “While we cannot control economic conditions or management decisions, we can implement a framework where there is transparency and a strong system of checks and balances.”
