Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Audit of SFO Enterprises finds about $1.4—6$1.5 million loss; airport director accepts recommendations
Summary
A controller audit of SFO Enterprises found recorded and unrecorded liabilities leading to an estimated aggregate loss of about $1.4 million; the audit flagged weak controls, late agreements and an improper $40,000 travel advance; Airport Director John Martin said he accepts the recommendations and the airport has set up a reserve for the loss.
The committee heard a controller audit of SFO Enterprises (SFOE), the city-owned, for-profit corporation created by a 1997 resolution to market airport services. Controller staff described recorded and unrecorded liabilities and concluded, after accounting adjustments, that the operation produced an aggregate loss of about $1.4 million. The airport projects the ultimate loss at about $1.5…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
