Monday, February 11, 2008

City Council calls for outside technical review committee on future budget policies

Measure sponsored by City Councilmember Mary Norwood

 ATLANTA – The Atlanta City Council has established a nine-member technical review committee to advise the city in the development better fiscal polices and in the implementation of controls for preparing, managing and overseeing future city budgets.  

The technical review committee comes at the heels of an announced $70 million projected 2008 General Fund Budget shortfall.  

The establishment of such a review committee was sponsored by city-wide Council Representative Mary Norwood and approved unanimously by her Council colleagues.  

“We must have an independent technical review of all of the financial information,” Norwood said. “We want outside experts to work with this Council and the city’s audit committee and the chief financial officer so we can better understand our financial situation and get good information. I think it’s important that we get specifics from professionals that have the technical expertise to do the evaluations and be of help to our audit committee.”  

Last month the City Council approved a resolution requesting the city audit committee to authorize the city auditor to conduct a performance audit on the City of Atlanta 2008 General Fund Budget process.  With this, they hope to determine if the budget was developed improperly, using sound budget principles and if anticipated revenue projects were appropriate.  

Through the use of a technical review committee the City Council wishes to engage regional accounting and financial associations to contribute their expertise and experience in the process of developing future city budget policies and operations that are truly “Best in Class”.  They also hope that these professionals will advise the city in the development of the 2009 City of Atlanta Budget .  

The nine-member technical review committee will work on a pro bono basis and will be comprised of the following:  

• One member to be selected by the Georgia Government Finance Officers Association;

• One member to be selected by AGA, formerly known as the Association of Government Accountants;

• Four members to be selected by the Georgia Society of Certified Public Accountants;

• Two economists to be selected by the Georgia Bankers Association;
• One member to be selected by the Securities Industry and Financial Markets Association.

 The technical review committee will meet and report to the city audit committee on a monthly basis.

 For more information on the technical review committee call the Internal City Auditor at 404-330-6452.