AUGUST 2004  
  Annual audit plan
  Investments
  FY04 closes up
  Money Matters
     Audit plan targets 311, HFD division,
    Neighborhood Protection and ASAP

The Controller's Office FY05 audit plan taps more than 20 city programs, policies and activities  for review, including comprehensive performance audits of  the 311 system, the Neighborhood Protection Division and the Fire Department's Life Safety Division.

"This is one of our most ambitious audit plans," said Controller Annise Parker. "The plan includes an unprecedented four performance audits."

Each year the Controller's Office Audit Division performs about 25 audits of city departments, programs, policies and activities.

In addition to performance audits, the new plan includes:

  • Five compliance audits;
  • One financial audit;
  • One revenue enhancement audit;
  • Unannounced audits;
  • Special projects as requested; and
  • Follow-up audits.
         MORE

City investments yield 2.2% for quarter

The city’s $1.6 billion in investments yielded an average of 2.178% for the quarter that ended June 30, boosting the FY04 annual average return to 2.43%.

“The Controller's Treasury Division has done an outstanding job for taxpayers," Controller Annise Parker noted. "Our safe investments have produced better returns than some major brokerage firms."

The funds are invested in various investment pools. The general pool, which includes operating funds, comprises about 80% of the total investment portfolio. All investments are governed by state law and the city’s investment policy, which dictates four investment objectives, in order of priority:  safety, liquidity, return on investments and legal requirements

MORE

 
    Controller's                  TV show

  Money Matters:
   2 and 8 a.m.
   and 2 and 8 p.m.      Mondays on the    Municipal Channel.
   Guests:
   Health Director     Stephen Williams
   and
   Deputy Chief
   of Staff
   John Walsh

   Next month:
   Annual audit plan

        
      CITY               MEETINGS

  City Council
  public session:
    Tuesday 2 p.m.

  Call 713-247-1840
  to get on the
  speakers' list.

  Business session
   Wednesday 9 a.m.

     Need a
   speaker?
  
    Controller
  Parker enjoys
  discussing city
  issues with civic
  groups and
  community
  organizations.
     Please call
  713-247-3098
  for scheduling
  information.


  
    Newsletter

      Click below to     
      UNSUBSCRIBE

      Click below for
      PLAIN TEXT


      Click below to
      READ ONLINE 

City Controller Annise Parker    ( from right)  visits with Rice Military Civic Club members Doug and Cindy Robertson and Phyllis Anders  at National Night Out.

      TV show spotlights top administrators

City Controller Annise Parker introduces two of Mayor Bill White's new department directors on this moWilliamsnth's Money Matters. Health Department Director Stephen Williams (right) and John Walsh, deputy chief of staff for neighborhoods and housing (below), discuss their plans on the monthly Municipal Channel TV show.JohnWalsh

Money Matters  can be seen at 2 a.m., 8 a.m., 2 p.m. and 8 p.m. Mondays on the Municipal Channel (Warner Cable 16, Kingwood 14, TCI 16, Phonoscope 2 and TvMax 20.)


    Controller's projections top mayor's

The June Monthly Financial and Operations Report (MFOR) contains some surprising numbers.

“Controller’s Office final revenue projections for FY04 are actually about $800,000 higher  than administration figures,” Controller Annise Parker said. “I point this out just to show City Council that our numbers are not always more conservative than the mayor’s.”

The controller projects $1,394,130 in general fund revenues for FY2004 while the administration estimates $1,393,278.

Although the final figures won’t be known until the Controller’s Office completes the Comprehensive Annual Financial Report (CAFR) later this year, it appears the city’s general fund will end FY04 well below the $1.44 billion set by the General Appropriations Ordinance in May.

Each year the controller certifies that funds will be available in the next fiscal year so that City Council can pass a budget.

The Controller's Office currently projects  total general fund expenditures of $1.39 billion, or about $4.5 million below the General Appropriations Ordinance.

The Controller's Office continues to see healthy growth in several revenue categories. The July sales tax check was 5.3% higher than July of last year.

Property tax revenues are also on the rise. The Controller’s Office projection for property taxes has increased $2 million from the May report, to $661 million. Parker also reported increased projections for industrial assessments, interest earnings and miscellaneous revenues.

Despite these increases, however, the department's overall projection for general fund revenues is down by about $500,000 from May.  The main reason for this is lower-than-anticipated billings for inter-fund engineering services. Based on year-to-date information, the projection for direct inter-fund revenue has decreased $4.1 million.