CFO's Office Under Fire At Hearing
D.C. Council Chairman Vincent C. Gray (D) and Council member Jack Evans (D-Ward 2) are currently focusing on missteps of the Office of Chief Financial Officer Natwar M. Gandhi at today's hearing on the Comprehensive Annual Financial Report.
Inspector General Charles J. Willoughby testified earlier that the functions of the city's treasury are "material weaknesses," the kind that bring down the bond rating.
The city isn't accounting for every dollar into the millions, he said.
Deputy Chief Financial Officer Lasana Mack told the council members that his office knows how much city the money has each day. But it doesn't always get updated through software, a problem that's been identified and resolved, he said.
Gray, however, noted that it was problem in fiscal 2007 and 2008.
Gandhi promises that fiscal 2009 will be different. "No money was lost," Gandhi said. "I'm confident that it will not happen again."
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