The Department of Finance Sufficiently Managed the City’s Process for Spending Federal Aid from the Coronavirus Relief Fund, but It Could Offer Better Guidance to Agencies on How to Document Individual Transactions
The Finance Department formed a federal funding committee and implemented a phased spending plan to use the coronavirus relief funds. The city also submitted federal reporting periodically as required. However, we found:
• Some transactions were not documented appropriately in accordance with city fiscal rules.
• Some transactions lacked supporting information showing how the expense was related to the pandemic.
The Department of Finance Failed to Properly Track and Review Interest for Coronavirus Relief Funds
• Federal guidance and Denver’s own Fiscal Accountability Rules require the city to track interest earned, but the Department of Finance failed to track interest on the city’s coronavirus relief funds for several months.
• Bank reconciliations also were not done as required for several months.