Stamford Announces Completion Of Fiscal Year 2023 Audit

Information via City of Stamford

STAMFORD, CT — The City of Stamford announced this week the completion of the fiscal year 2023 audit.

The audit was completed on April 11 "following extensive work by city staff and financial auditors to ensure accuracy, compliance, and accountability in the city’s financial reporting," a news release from Mayor Caroline Simmons' office said.

The completion includes both the Annual Comprehensive Financial Report and the Report on Internal Controls.

“I’m pleased to report that the 2023 Annual Comprehensive Financial Report and Report on Internal Controls for the City of Stamford is completed,” Simmons said in a news release. “While the delay in completion has been frustrating, it reflects the complexity of the work involved and the city’s commitment to ensuring accurate and responsible financial reporting.”

Simmons praised the Office of Administration, led by Director Ben Barnes and Controller Teresa Viscariello.

“I want to recognize the hard work of our Office of Administration... which has spent months untangling complex issues, strengthening internal controls, and putting systems in place to ensure we don’t end up in this position again,” Simmons said. “Despite these challenges, I remain confident in our city’s strong financial health, as demonstrated by our year over year surpluses, AAA bond rating, our well-funded pension and OPEB plans, continued grand list growth, and overall fiscal stability.”

Barnes echoed the mayor’s sentiments, commending staff for their commitment to completing the audit.

“I am extraordinarily appreciative of the dedication and long hours put in by the Controller’s office and staff across city government to get this audit done,” Barnes said in a news release. “We are all pleased to see what great shape the city is in financially and look forward to returning to a normal reporting schedule.”

The administration will now focus on "ensuring the timely completion of the FY2024 audits for both the city and the Water Pollution Control Authority (WPCA), which are already underway," a news release noted.

"City officials have remained in close communication with the city’s financial advisor throughout this process to keep credit rating agencies informed and help preserve Stamford’s strong municipal bond rating."

Additionally, Simmons' office said the administration has taken the following steps to improve the audit process long-term, including:

• Expanding the finance team and staff capacity through a department-wide restructuring.
• Correcting long-standing financial record inconsistencies that predate the Simmons administration, which is a necessary step toward restoring integrity and reliability to the City’s financial reporting.
• Enhancing the city’s financial infrastructure by migrating to Oracle, which lays the foundation for automated reconciliations, streamlined processes, and better controls in response to past audit findings.

"These efforts reflect the Simmons Administration’s continued commitment to sound financial management and to building a more efficient, accountable audit process moving forward," Simmons' office added.