Auditors are encouraging Fullerton leaders to hire a qualified, government-experienced chief accountant after a multi-million dollar accounting error saw the city run through $10.1 million in unassigned reserves quicker than elected officials expected.
They are also recommending city officials form a financial oversight committee, implement standardized accounting practices and present the budget in a more transparent way to more accurately reflect the city’s financial standing to residents and elected officials.
Anne Layne, director of Risk Advisory for Grant Thornton – the auditing firm hired by the city – said there were issues with financial oversight, how officials report transactions in their financial statements and how city staff is presenting the budget to elected officials…