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Feather River College flags repeat audit findings tied to county treasury; college asks for treasury oversight
Summary
Feather River College officials told the Board of Supervisors auditors found repeated late interest apportionments and late payroll tax remittances tied to county treasury processing; the college urged creation of a treasury oversight committee and offered to participate.
Feather River College officials reported repeat audit findings that they said are tied to how the county treasurer's office allocates interest and processes payroll-related tax remittances.
"This is the second year of these repeat findings," Kevin Trena, superintendent/president of Feather River College, told the Board of Supervisors on Feb. 4. He said district auditors found (1) the college did not receive investment interest from the county treasury within the federal/state reporting deadlines and (2) instances where unemployment taxes and IRS payments were not remitted in a timely manner. Trena said late remittances triggered penalties and interest and that total expenses related to these audit findings "have amounted to $53,906 including $1,004,496 dollars of credits forfeited by the district." He said the county ultimately covered expenses and that the district bore some forfeited credits.
Trena said the college is not seeking to assign blame and that FRC has been working to resolve the issues. He asked the board to approve the county investment policy and establish a treasury oversight committee noted in that policy; he offered FRC participation if a committee is formed.
County staff responded that interest apportionment for the county pool participants is up to date, that the treasurer is moving forward with an RFP for new investment advisers and implementing SymPro investment software to improve reporting, and that staff are available to meet with other agencies that may have similar audit concerns. Supervisor Hall suggested agendizing the topic for further discussion.
No formal board action was taken Feb. 4; supervisors and staff said they would follow up and consider placing the issue on a future agenda so the treasurer and affected agencies can present more detail.
