COUNCILMAN DOMB INTRODUCES BILL REQUIRING MONTHLY RECONCILIATION OF CITY ACCOUNTS

In Allan Domb, Council News, News by PHL Council

PHILADELPHIA, PA – May 24, 2018 – Councilman Allan Domb (At Large) today introduced a bill calling for the City’s Finance Department to provide monthly reports to City Council detailing the activity and balances of city bank accounts to ensure the money is being properly reconciled.

The bill would amend Title 19 of the Philadelphia Code entitled “Finance, Taxes and Collection” by adding Chapter 19-4300 entitled “Monthly Reconciliation Reporting,”

Domb’s legislation continues and strengthens his pursuit for answers and understanding from the Finance Department about how $27 million in city taxpayer money remains unaccounted for through city bank accounts. Domb’s research uncovered that more bank accounts than previously reported had not been properly reconciled since, in some cases, as far back as 2010.

“As has been discovered during the ongoing budget process, it is crucial that the City establish and put systems in place to significantly improve its accounting practices, more specifically its cash reconciliation process,” said Councilman Domb. “That is the impetus for the legislation introduced today. We owe it to the taxpayers to demonstrate we can responsibly manage their money.”

In addition to this bill, Councilman Domb also introduced a resolution to authorize City Council’s Committee on Finance to conduct a full and comprehensive, investigatory public hearing to review the corrective audit of the consolidated cash account as well as the accompanying corrective action plan upon completion of the audit performed by the firm Horsey, Buckner & Heffler, LLP.

The City has retained the aforementioned accounting firm to locate the missing revenue. Councilman Domb wants the process to find and reconcile the missing funds to be transparent and accountable to City Council.

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