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Finance Department's Single Audit to Be Delayed

Aug. 29, 2005 – Thanks to the Government Employees Retirement System, the V.I. Port Authority and the V.I. Lottery, the government will be late submitting its Single Audit for fiscal year 2004.
"GERS and the Port Authority are very significant," Finance Commissioner Bernice Turnbull said Monday.
She added that departments and agencies that receive more than $3 million in federal funds were supposed to get their financial statements to the Finance Department by January for inclusion in what is termed the Single Audit.
States, local governments and nonprofit organizations that receive federal grants are required to submit the audits no later than 270 days after the end of every fiscal year.
Turnbull said the Single Audit goes to the U.S. Agriculture Department.
Lottery director Paul Flemming said his department is currently in the midst of an audit. "It's the first time it's been audited since God knows when," he said.
He said the Lottery would send its financial statements on to the Finance Department as soon as possible.
GERS Director Willis Todman said his agency sent the report last week.
Port Authority Director Darlan Brin said an audit was in the works and would be presented to the VIPA board at its September meeting.
Turnbull said that the audit was due June 30, but will instead be submitted in February 2006.
Turnbull, expressing her frustration with the departments that didn't come up with their financial statements, said that after years of being late with the Single Audit, the government was up to date. This delay puts the government behind again.
"We are at the mercy of other people," she said.
She said no penalties are associated with being late, but federal funding could be impacted.
Turnbull said that her department has sent letters to the errant departments and agencies to no avail.
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