From Philly.com.
City Controller Alan Butkovitz today accused School District officials of following bad accounting practices yesterday in an attempt to "make their financial position look better than it was."
Butkovitz said the district inappropriately shifted $2 million in teachers' salaries to the capital budget and incorrectly counted $7.6 million in fiscal year 2007 revenue as 2006 income in an attempt to shrink its budget deficit.
Still, Butkovitz found no evidence of missing money, or "material weaknesses" in the school district's financial statements.
Butkovitz also reviewed the city's financial statements and found myriad shortcomings. While Butkovitz warned that such "negligence" and lack of "best practices" could lead to more serious problems in the future, he noted that none of the errors were particularly unusual.
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