Letter to the editor
June 20, 2012 at 1:20 a.m.
The recent forensic audit results conducted by Assurance & Advisory Whitley Penn auditing firm reveals no mismanagement of Bay City Community Development Corporation funds, no corruption, no illegal financial activity of any kind and no instances of fraud. Essentially, the outside auditor, Leslie Wilkis, pronounced the CDC's financial transactions, spanning a two year time period, to be fiscally sound. These findings should set the record straight and clarify all doubts in regards to the professional stewardship of BCCDC funds entrusted to the corporation's executive director and its board members.
The scope of Whitley Penn's forensic audit tested the corporation's expenditure transactions, excluding transactions between the city and the BCCDC, for fiscal years 2010 and 2011, to determine if proper documentation existed to support such expenditures. Auditing procedures employed by Whitley Penn matched all expenditures to supporting documentation such as check stubs, invoices, receipts, statements contracts and amortization schedules.
During fiscal year 2010 and 2011, Whitley Penn scrutinized a total of 652 transactions totaling $1,933,709. The results and observations of this in depth fiscal examination showed six instances in which there was no receipt for gas purchases for a total of $387 for the two fiscal years combined. Additioally, one instance was found in which there was no receipt in the amount of $8.65. In other words, a discrepancy of $395.65 of the $1,933,709 was found. When the auditor was asked by the BCCDC board members to place these results in perspective, the auditor stated that the audit was "very good."
In addition to the positive findings and city officials was conducted by a state official from the Attorney Genera's office. The primary focus of the workshop was 4B sales tax (the funding revenue source of the CDC), infrastructure funding investments and selective strategic economic targets. The participants learned during the workshop that all investments made by the CDC, with the exception of the public library, were not only allowable but encouraged by the state AG's subject matter expert. This was consistent with the professional opinion of the law of Duckett, Boulingny and Collins who specialized in 4B sales tax investment clarity.
Through it all, the Bay City Community Development Corporation has never lost sight of its long term vision, mission and goals of implementing strategic business initiatives that encourage economic growth, prosperity and stability in our community. The corporation stands able and ready to meet the economic challenges our community faces today and those which will emerge tomorrow.
The Community Development Corporation Board of Directors:
Clarence Fenner, president; Cheryl Stewart, Vice president; Randy McElroy, Secretary; Kelsey Granberry, director; Carolyn Thames, director; Joseph Enoch, director; Andy Hawkins, director and D.C. Dunham, executive director