76°F
weather icon Clear

City finance department earns award; honor comes one year after audit shows funds missing from accounts

A national association recently recognized Boulder City’s finance department with its highest honor.

The Government Finance Officers Association of the United States and Canada awarded the department the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report.

“The finance department strived to continue on the city’s exceptional track record of financial reporting,” said Boulder City Finance Director Hyun Kim. “We align our reports to our external stakeholders — GFOA, state of Nevada and citizens of Boulder City — in a seamless report. Whether we are compiling a single-scope federal report or our (comprehensive annual financial report), we try to diligently report our financial activities as accurately as possible.”

Improvements to the city’s financial record keeping have been made since Kim took over the department in October 2016. Under the previous financial director, a third-party audit showed $50,000 missing from the city’s accounts, and a criminal investigation was launched in early 2016.

In its audit report, CPA firm Piercy Bowler Taylor and Kern recommended that city officials implement formally documented policies and procedures requiring the timely review of month-end bank account reconciliations, which should be conducted and signed by someone independent of the reconciliation process.

“Unreconciled differences” and the money missing from the city’s accounts would have been detected if the transactions had been reviewed in a timely manner, the firm wrote.

To be considered for the Certificate of Achievement for Excellence, Boulder City chief accountant Doug Honey compiled a report of the city’s comprehensive annual report for the finance officers association to review, Kim said.

According to the association, the city’s annual financial report was then judged by an impartial panel on whether it met the standards of the program, which included demonstrating a constructive spirit of full disclosure to clearly communicate its financial story and motivate potential users and user groups to read the report.

“I am incredibly proud of the finance department and especially proud of the tireless effort by the city’s chief accountant, Doug Honey,” Kim said. “Mr. Honey truly deserves much of the praise in the accomplishment.”

Kim also said he thinks the award will affect the city for years to come.

“I feel as though this impressive feat by the finance team will continue on for the foreseeable future,” he said.

The finance officers association is a professional organization that serves the needs of its approximate 19,000 members, who includes federal, state, provincial and local finance officials. Its overall mission is to promote excellence in state and local government financial management.

The Chicago-based association also provides publications, training programs, services and products designed to enhance the skills and performance of those responsible for government finance policy and management.

Contact reporter Celia Shortt Goodyear at cgoodyear@bouldercityreview.com or at 702-586-9401. Follow her on Twitter @csgoodyear.

MOST READ
LISTEN TO THE TOP FIVE HERE
THE LATEST
Hittin’ the town

Photos by Ron Eland/Boulder City Review

City reallocates $750,000 for fiscal year 2025

More than a year ago, in a Boulder City Council discussion about budgeting, Mayor Joe Hardy, in two sentences, summed up the most basic truth about city budgets.

Update on city utility projects

Sometimes the good information comes from unexpected places.

Third extension for portico funding

About once a month, before the start of the city council meeting, the members of the council meet wearing their hats as the Redevelopment Agency (RDA) and dole out money to reimburse businesses and homeowners in the historic district for qualifying work done to their properties.

Public weighs in on purchase

With last week’s announcement in the Boulder City Review that three longtime residents/businessmen purchased the former Central Market building and their plans to bring in a small grocery chain, there’s been plenty of input from the public.

Trio looks to bring new grocery store to town

If one were to ask 25 Boulder City residents what the town is missing, you’d probably get a few different answers like affordable housing or a movie theater. But the overwhelming answer would likely be the same – a second grocery store.

City awards $1.6M for pool design

Back in March 2024, Councilwoman Sherri Jorgensen said, “I can’t even imagine what it would cost in 2028.”

City transfers bond capacity

Kevin Hickey, of the Nevada Rural Housing Authority, has been making pretty much the same presentation to the council annually thanking the city for transferring nearly $1 million in bond capacity to the group he represents.

Council confusion: The leash law saga continues

Three statements — notably, none of them from members of the city council — best illustrated the difficulties residents (both dog-loving and not) have had for at least four years when it comes to the issue of off-leash dogs in public parks.