We recently received the 2010 Management Letter prepared by Powers & Sullivan as part of our annual audit. Powers & Sullivan have been the outside auditors to the City of Lowell since 1994. The most recent 2010 letter was provided to the City Council at their meeting last night, September 27, 2011. A management letter is a list of recommendations from the outside auditor that is compiled at the conclusion of an annual audit. The items typically found in a municipal management letter run the gamut from reminders of recent regulation changes to routine practices to more important matters to address. Over the years, we have made tremendous progress in addressing these recommendations some of which go back over ten years. We continue to work to address those areas of concern, in particular internal controls over cash, which has been referenced in the audit since 1999.
The significant progress made in our financial management practices has earned the praise of the Department of Revenue and is evidenced in recent upgrades to the City’s bond rating. I want to thank the financial management team for their work to move this effort forward and I especially want to recognize the work of the late David McGurl, Treasurer.
I have provided a copy of the 2010 Management Letter from Powers & Sullivan, a letter from Tom Moses, CFO and a thumbnail of a chart which illustrates the progress made as well as the areas we continue to work at. Click on the chart to expand it.