State Auditor presents results after reviewing Farmington's financial books

State Auditor presents results after reviewing Farmington's financial books
By: Ryan Tate
FARMINGTON, Mo. - Missouri Auditor Susan Montee presented the findings of a audit into Farmington's books, after a more than 1,000 people signed a petition for the audit in 2006.
Montee tells Heartland News her office estimates city Leaders wasted about $2 million over the past five years, dating back to the fiscal year 2001, because of a lack of documentation, spending more money than they took in and not bidding out some projects.

Montee says the audit gives city leaders suggestions about what they can do to better handle city money.  Since this was a petitioned audit, it will cost Farmington about $24,000. "It was worth every penny," Louise Fuchs said. Fuchs spearheaded the audit petition in March 2006. "The suggestions are worth ten times what we are paying. It was absolutely worth it."

Many people in Farmington wanted to know the financial situation with the city after their electric rates went up by more than 40% during a period between 2005 and 2006.  According to the audit, the city's power purchases increased from $6.8 million to $14.3 million over a four year span, but the operating revenues didn't keep up rise in costs.
Montee does not suspect any criminal charges will arise from the audit, but her office is not in charge of that. She also says the City Council got bad financial advice from city employees and others presenting information to the Council.