Finding Text
2024-005 Missing Documentation – Operating Budget
Criteria:
An operating budget is a financial plan that outlines an organization's expected revenues and expenses for a specific period. It's used to manage day-to-day operations, allocate resources, and achieve short-term financial goals.
Condition:
The Housing Authority was unable to produce an operating budget or operating budget revision for the requested fiscal year end.
Questioned Cost:
Cannot be determined, due to incomplete information.
Effect:
We are unable to determine whether the Housing Authority worked within the budget constraints during the fiscal year.
Cause:
Lack of Board and management oversight.
Recommendation:
We recommend the Authority implement a system to maintain the operating budget.