Tag Archives: ACFR

Top Three Financial Takeaways from RVA

Nothing but blue skies over Richmond? Not yet.

by Jon Baliles

Last week Richmond’s Mayor and Chief Administrative Officer (CAO) reported to City Council that the Annual Comprehensive Financial Report (ACFR) was completed and had been turned in to the Virginia Auditor of Accounts. The report was due in mid-December, but better late than never I guess (and still it was way earlier than Mayor Jones, who tuned them in super-late three years in a row).

The external auditor called in virtually for the brief presentation to Council and went over their firms’ processes and evaluation methods (video starts at 1:03:30 mark) but never referred to any numbers or conclusions; she pointed out that certain figures could be found with corresponding footnote numbers in the report, which Councilors did not have.

After the auditor finished her brief presentation, Councilwoman Jordan had to inquire as to what figures the external auditor was talking about and where could she see them (at the 1:11:25 mark of the video) because the Council did not have the audit report in front of them so they could ask questions. The auditor told her they disclosed what they were required to and that she would be happy to go into the numbers. That’s when CAO Saunders stepped in and told Council the reports had been delivered to each Councilor’s office on Friday. Talk about collaboration and communication.

Councilwoman Lynch also asked the external auditor for the “Top 3 bullet points or risks” from the audit. Continue reading