Monday, January 11, 2016

January 11, 2016 Hamblen County Audit Findings for Fiscal Year 2015

The Hamblen County audit for fiscal year 2015 (7/1/14-6/30/15) is on the State Comptroller's website.

Click here to see the audit.

Findings are reported on pages 212-215.

The Mayor's office had two findings:

2015-001 Accounting records were not maintained on a current basis for the audited year FY 2015 and beyond.

The Mayor's office did not reconcile general ledger cash accounts with the Trustee's office from March 31, 2015-June 30, 2015 on a timely basis as required by Tennessee Code Annotated 9-2-138.

The Mayor's office did not post revenues to the general ledger for July and August 2015 until October 2015.

2015-002 Tennessee Consolidated Retirement System (TCRS) payments were not remitted timely resulting in the assessment of penalties. 

Retirement contributions for the month of May 2015 were not remitted to TCRS timely as required by Tennessee Code Annotated 8-35-206(g) resulting in the assessment of $5,038.00 in penalties.

There was a finding involving the Highway Commission:

2015-003 A county road list was not submitted to the county commission for approval at its January 2015 meeting as required by Tennessee Code Annotated 54-10-103.

There is a finding involving the Trustee's Office:

2015-004 Certain accounts maintained by the Trustee were not adequately collateralized/secured.

The Trustee was not able to provide documentation that funds exceeding $1,034,000 in a brokerage account were adequately secured in May, June, and July 2015.

There were two certificate of deposits totaling $495,544 at one financial institution. This amount exceeds FDIC insurance limits of $250,000 by $245,544. The trustee provided a list to the depository with directions not to deposit more than $250,000 in one financial institution but did not monitor the subsequent report which showed $495,544 in one institution.

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