Philly.com- Philadelphia’s government has the worst accounting practices among the nation’s 10 largest cities, with $924 million in bookkeeping errors alone last year, according to an audit released Tuesday by City Controller Rebecca Rhynhart.
That’s on top of the now-infamous missing $33 million, the discrepancy between what the city’s records say it has and what is in the bank — the result of a failure to reconcile the city’s cash account over several years, Rhynhart said at a news conference.
In total, the controller’s auditors found two “material weaknesses” and eight “significant deficiencies” in the fiscal 2017 books. The accounting terms refer to serious issues with the city’s internal financial controls.
“This is a major problem and needs to be treated that way by the mayor and the finance director on down,” Rhynhart told the Inquirer and Daily News. “If the City of Philadelphia is talking about tax increases, let’s get our house in order.”
By comparison, New York, Los Angeles, Chicago, and Houston did not have any problems in their 2017 audits.