Audit Report FN0809-01 SID Administration 090526

CITY AUDITOR’S REPORT AUDIT OF SPECIAL IMPROVEMENT DISTRICTS ADMINISTRATION Report No. FN0809-01 May 26, 2009 Philip Cheng, CIA, CGA, CFE City Auditor TABLE OF CONTENTS EXECUTIVE SUMMARY .......................................................................................................... 2 BACKGROUND ........................................................................................................................... 3 AUDIT OBJECTIVES ................................................................................................................. 4 SCOPE AND METHODOLOGY ............................................................................................... 4 FINDINGS AND RECOMMENDATIONS ............................................................................... 4 1. CONSTRUCTION FUNDS ................................................................................................. 4 2. ADMINISTRATIVE COSTS REIMBURSEMENTS.......................................................... 6 3. BOND FUNDS ..................................................................................................................... 8 MANAGEMENT RESPONSES................................................................................................. 9 Audit of Special Improvement Districts Administration Report No. FN0809-01 May 26, 2009 ...