NSBNEWS.net video by Sera Frederick.
Beradete Britz-Parker of the accounting firm James Moore and Co. said as a result of miscalculations, the city's reserve account, with everything taken into account, is closer to $2 milion than $10 million. She outlines numerous "deficiencies" in the city budget that are troubling and recommended the city hire not only a competent finance director, but a budget director as well. Watch her presentation on our video, above, and click on the attachment, below, to read her summary reports.
NEW SMYRNA BEACH -- "We do have some issues," said the city's auditor of its troubled finances.
Beradete Britz-Parker of the accounting firm James Moore and Co. said she found 17 major deficiencies in the budget.
Here are some highlights from her Tuesday night presentation:
: * The city failed to account for payroll and personal leave incentive pay in a timely fashion, which created a shortfall of $205,000;
* The city did not catch an overpayment of funding from FEMA after the 2004 hurricanes that resulted in the city having to pay back $600,000;
* There were problems with the lack of accounting of the $3.5 million loan for city golf course restoration;
* There was no accounting of the fire department pension.
Among other notable losses, the water taxi is $91,0000 in the red; the building inspection fund saw a reduction of $148,000 and trash pick-up lost more than $100,000.
The city marina, however, made $107,000. "There are serious issues," said Britz-Parker, whose firm was retained for the first time this year, adding, "I just can't stress to you all... It's not the time to cut expenses in the finance department."
New Smyrna Beach is looking for a new finance director to replace Carol Rogers, who left last month after a little more than a year on the job. Britz-Parker recommended the commission hire not only an experienced finance director, but a budget director as well, which led to groans from commissioners about how tight money is with a little more than $2 million left in reserves when taking into account another $5 million stored for a 90-day operating window.
The accountant brought up a time-honored analogy: "You get what you pay for."