City’s long overdue financial report hits another snag

RICHMOND, Va. (WRIC) — The City of Richmond has hit another snag in their attempt to file a long overdue financial report.

Richmond’s Comprehensive Annual Financial Report (CAFR) was due to the state back in November. On Tuesday, 8News learned it’s still not done, although this time it doesn’t appear to be the city’s fault. Due to an illness, the city’s external auditor, Grant Thornton, had to make a change in partners overseeing the report.

The state-mandated report provides a snapshot of the city’s expenditures and revenues. Now, Grant Thornton says it doesn’t know when the financial report will be ready.

City leaders and the audit committee chair are clearly frustrated by this latest delay. Council President Michelle Mosby didn’t understand why the report wasn’t ready since there was another Grant Thornton partner working on it for months.

a398125a2ab84cdea0d190b862d38d0aNick Valdrighi suggested Grant Thornton do whatever it takes to get this report done quickly.

“You guys are the auditors,” Valdrighi said. “You had to, for whatever reason, change partners, which I consider your problem, not ours.”

Finance leaders insist every day that the late report puts the 2016 CAFR in jeopardy. City leaders have cited turnover in the finance department and software problems for the delays in the 2015 and 2014 CAFR reports.

8News has learned of some progress in the finance department this summer; we’re told they have been busy filling vacancies, with 8 of 13 openings that were reported in July having now been filled.

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