City Car Trouble Due To Late Audit
6/20/2013 (Updated 6/21/2013 3:35:34 PM)Binghamton Mayor Matt Ryan says the City's failure to finish it's 2012 audit in time forced it to pay for the leasing of six new police vehicles from the general fund instead of being able to bond for them.
This comes after the Rochester area car dealer providing the vehicles threatened to report the City to the credit rating agency Moody's for non-payment.
According to the City comptroller's office, the leasing company will reimburse the City for the vehicles once the audited financials are released, which Ryan says should be in a couple of weeks.
"We were late in paying it. They made a point of it so we paid it and they're agreeing to reimburse it so we can still go out and bond because it's actually cheaper to do the lease program than to buy them," said Ryan.
The City will add another employee to it's financial office beginning July 1st.
blog comments powered by Disqus