The Jersey City Council reviewed the Corrective Action Plan to address several long-standing issues raised in the 2025 audit, including knowing all the city’s fixed assets, during their caucus on Monday.
CFO/Finance Director Bill Viqueira explained they are required to annually audit the city’s books and “prepare and submit a Corrective Action Plan as part of the annual audit process,” which helped the auditing firm identify $94 million in deferred charges last year.
“Our Corrective Action Plan contains 17 findings, two of which are considered material weaknesses. None of the issues … are new. Some go back as far as 2014. Audits as far back as 2014 have identified that the city does not have an accounting of its fixed assets,” he explained.
“We’d like to highlight that we have already put out an RFP (request for proposals). Responses are due early October. We expect to retain outside resources for the city’s fixed assets and implement a system for managing and tracking fixed assets thereafter.”…