City of Hollywood gets spanked

AUDITOR GENERALS STATE OF FLORIDA

CITY
OF
HOLLYWOOD
FINANCIAL
URGENCY
DECLARATION
Finding No. 1:
The City did not consider all available funds
in its determination to declare a financial
urgency.
FINANCIAL
CONDITION
Finding No. 2:
The City needed to develop a formal plan to
replenish General Fund fund balance reserves,
as required by its fund balance policy.
Finding No. 3:
The City needed to establish minimum target
levels of working capital that should be
maintained for its Water and Sewer Utility Fund.
Finding No. 4:
The City had not adopted a funding policy for
its defined benefit pension plans to ensure
that sufficient resources would be available to fu
nd benefits promised to employees. Additionally,
scheduled wage increases and rising costs of pension be
nefits pursuant to collective bargaining agreements,
most of which were funded by the General Fund,
may have been unsustainable in the long run.
Finding No. 5:
The City’s financial management and monito
ring could be improved to avoid budget
shortfalls due to ineffective revenue projections and overexpenditures.
Finding No. 6:
The City’s adopted budgets did not include prior year balances brought forward and
budgets were not adopted for its special revenue
or capital projects funds, contrary to law.

this is great news i hope the same is found in our city and they give me back all of my dam money

Dude, if you read the whole thing and stop trying to skew the data in the employees favor, this is what you'll see. It's not an issue of screwing employees. it's an issue of not planning the budgets properly, particularly unsustainable employee salaries. In other words, they were paying the employees more that the city could afford. Bottom line: PAY CUTS......Dummy.