The Washington State Auditor’s Office gave the city of Vancouver two favorable reports and issued one finding relating to the annual financial report Thursday. The Auditor’s Office found no issues with the accountability audit or the federal award compliance audit.
The issues outlined in the finding were twofold. First, auditors recommended the city dedicate resources to routinely reviewing capital assets and useful lives. The recommendation stems from a finding issued in 2016. Auditors determined the city’s Vancouvercenter parking garages should have a 40-year lifespan instead of the previously determined 20 years. This changes the value of the city’s asset and adjusted the parking fund by a total of $5,902,116. The change was made in 2017. This year’s finding said the city should improve its system to ensure a similar miscalculation doesn’t occur in the future.
Vancouver’s Chief Financial Officer Natasha Ramras said any re-evaluation of asset lifespan is done manually. The city is working to implement a new system, however, that would make it easier to routinely evaluate assets. The program should launch by Jan. 1, 2019.
The second issue relates to supportive evidence concerning fund balances. Ramras said the auditor essentially asked for additional supporting information about one of the funds, and due to staff limitations, the city was unable to comply. She said all of the fund balances are correct, but the auditor would like more expansive records for each fund.
The city is also developing a tool to provide additional documentation related to each fund balance. The tool should be completed by the end of the year.
