City still hasn’t completed state-mandated financial report

RICHMOND, Va. (WRIC) — The Richmond City Audit Committee is pressing for answers after learning city leaders still haven’t completed a state-mandated financial report.

It’s a big problem for budgeting; city finance leaders admitted that until that report is turned over, the City doesn’t have accurate finance data to give anyone.

The City is more than five months late with the Comprehensive Annual Financial Report (CAFR). It’s the same report the city fell 11 months behind on last year. 8News also learned there is a 2014 single audit that has yet to be completed.

City finance leaders say the problem lies with the City’s RAPIDS financial reporting system. RAPIDS, which cost taxpayers $18 million dollars, was rolled out in 2014 but never tested. Later, kinks in the system were discovered and now the data is being entered manually.

Nick Valdrighi, Richmond Audit Committee Chair, was clearly frustrated when he asked how much the taxpayer would be on the hook for, and when RAPIDS would be fixed, calling the process “agonizingly slow.”

“My issue is the fix, I think we need the scope of what the fix is,” he said. “As a citizen of this great city, I want to know what the ultimate cost of this project is going to be, and I would like to have that information made public. Track it, so we know.”Compounding the problem, the Finance Department is understaffed. There are currently 35 vacancies.

Compounding the problem, the Finance Department is understaffed; there are currently 35 vacancies. City leaders say they expect to have the financial reports done by the end of next month.

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