FW: Gray Comments on CAFR, Today Holds Hearing
Susie Cambria
Sorry for the late notice, just I just received this. . .
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Susie Cambria, MSW
Deputy Director
DC Action for Children
1616 P St NW, Suite 420
Washington, DC 20036
F. 202-234-9108
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From: McCoy, Doxie
(Council) [mailto:dmc...@DCCOUNCIL.US]
Sent: Monday, April 14, 2008 2:06
PM
To: undisclosed-recipients:
Subject: Gray Comments on CAFR,
Today Holds Hearing
PRESS RELEASE
Council of the District of Columbia
Office of Chairman Vincent C. Gray
The John A. Wilson Building
1350 Pennsylvania Avenue, NW
Washington, D.C. 20004
_______________________________________________________________________________________________________________
For Immediate Release: Contact: Doxie A. McCoy
April 14,
2008
202-724-8032
202-664-9862 – cell
dmc...@dccouncil.us
Chairman Gray Comments on CAFR, to Hold Public Briefing on Annual Audit
Washington, DC--Council Chairman Vincent C. Gray today at 3 PM will convene
a Committee of the Whole public briefing on the Comprehensive Annual Financial
Report for Fiscal Year 2007 (CAFR) in the Council Chamber, Room 500, of the
John A. Wilson Building. Gray said that he is relieved that the
District’s annual audit received a “clean” audit opinion this
year, and noted that this was no small feat given the fraud and theft at the
Office of Tax and Revenue (OTR). Nonetheless, the Chairman said,
“After years of progress, this audit is clearly a step
backwards.” Gray expressed concern that the CAFR found three
material weaknesses in the financial operations of OTR, the public schools and
Medicaid. This is the first time in two years that any material
weaknesses have surfaced--there was just one in FY 06. The District also
had six areas of significant deficiencies, versus one last year, and three
findings of material noncompliance with laws and regulations.
Witnesses for today’s hearing will be City Administrator Dan Tangherlini, CFO Natwar M. Gandhi, D.C. Inspector General Charles J. Willoughby, and Deputy CFO Anthony F. Pompa. The independent auditors from BDO Seidman also will be on hand to answer questions from Councilmembers. In addition, there will be testimony on financial deficiencies that were revealed in the so-called “Yellow Book,” the independent auditors’ report on internal controls and financial compliance.
Gray said that he will be seeking from witnesses what corrective actions will be taken during the rest of the year to remedy or ameliorate the serious weaknesses and significant deficiencies that were identified in the auditors’ report. “We are at a pivotal moment in the District’s quest for full representation and self determination. If we want to reach our ultimate goal of statehood for the District of Columbia, we must abandon the status quo now, and do everything we can to fix the problems that could threaten our good standing on Wall Street and our drive for independence,” the Chairman said. He plans to hold further hearings in the coming months to get progress reports on the CFO’s and the Fenty administration’s action plan to eliminate the deficiencies identified in the audit.
“We have seen a steady and consistent stream of upgrades in our bond ratings on Wall Street, strong fund balances and widening respect for the District as a fiscally sound, well-managed city,” said Chairman Gray. “We worked hard to earn this status. Now we must work hard to retain it.”
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