THE CITY of Vincent was haunted by “the ghosts of finances past” at its most recent council meeting, with the revelation an accrued debt of more than $630,000 is owed to the Senior Citizens and Aged Persons Reserve.
The City’s administration carried out a reconciliation of surplus transfers from Leederville Gardens Inc (of Leederville Gardens Retirement Village) and discovered the full surplus funds received in 2001-02, 04-05, 07-08 and 2010-11 were not transferred to the Reserve.
The total shortfall in transfers was $417,163 plus interest of $217,782 for a total of $634,945 as an accrued debt.
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READ NOWVincent Mayor John Carey said it was a “disgrace”.
“Our CEO has been with us for two years and is still uncovering significant financial mistakes under the previous administration,” he said.
“It is a disgrace that this was allowed to occur.”
Councillor Emma Cole praised the “archival search and investigation by staff” that uncovered the oversights.
Council noted “it is not clear why Administration would not have immediately transferred all the surplus finds at the time of receipt”.
The draft 2015-16 Annual Financial Report has been amended to recognise the debt.