Finding Text
2022-001: Statement of Condition ? For the Low Rent Public Housing program, we reviewed the budget for spending authorizations. During this review, it was discovered that the Authority had not budgeted for debt related monies spent for the year ended June 30, 2022. The Authority did not budget for debt service, resulting in unfavorable budget variances. Criteria ? The NC Local Government Commission states that the Authority must budget expenditures. Effect ? This violation resulted in an overspending. Cause ? The Authority did not follow proper budgeting procedures. Recommendation ? The Authority should review budget versus actual expenditures on a monthly or quarterly basis and should amend the budget as spending needs arise. Identification of a repeat finding ? This is a repeat finding from the immediate previous audit, 2021-001.