Revenue Shortfalls Continue to Impact Local Governments Budgets, Decrease Expected in Intergovernmental Funding
CB&H’s Inaugural Government Benchmarking Study highlights concerns with budget shortfalls and intergovernmental dependency Depressed economic conditions and rising federal deficits continue to have a profound impact on local governmental entities, according to a new survey of government financial and operational leaders throughout the Southeast. Yet despite revenue shortfalls, 59% of respondents state that the position of their board/commission on property tax is to maintain the current tax rate and reduce the cost of services. Only 3% plan to raise taxes in order to balance the budget. The study, sponsored by Cherry, Bekaert & Holland, L.L.P. (CB&H) , identifies a number of significant trends on a wide range of timely. Read More.
VDOT Performance Audit Reveals Close to $1 Billion in Unspent Transportation Funds
Virginia Governor Bob McDonnell recently released the results of a financial and performance audit on the Virginia Department of Transportation (VDOT) revealing nearly a billion dollars of unspent funds. The performance audit, performed by Cherry, Bekaert & Holland was issued on September 23, 2010 and identified unutilized but available funding within the VDOT. The report focused on a number of cost saving strategies and organizational efficiencies that VDOT could implement. In a press conference, the Governor stressed the importance of performance audits and the report: “This audit demonstrates that available funding has not been effectively used in the past few years. That is unacceptable. Money has been sitting in the state’s wallet while Virginians. Read More.