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Update on City’s Financial and Audit Reporting

The City of Compton is committed to transparency and accountability for the residents and businesses of the City. To that extent, the City Controller’s Office has been working diligently over the past 12 months to develop and standardize the City’s financial reporting and auditing policies, procedures and processes.

In July 2021, the City Controller’s Office provided the City Council and community with a detailed report on the department’s accomplishments over the last year, which included:

  1. Completed independent audits for the City’s workers compensation program, Office of the Inspector General, MTA, CalPERS, other state and federal grant programs
  2. Drafted new policies and procedures for budget and payroll monitoring
  3. Drafted new policies and procedures and reconciliation of the City’s accounts payables system
  4. Implemented an employee labor costing software to project labor cost for analytical and budgetary purposes
  5. Completed implementation of the Citywide payroll software, which had not been done since 2003
  6. Implemented training opportunities for  staff

The City Controller’s Office is in the process of coordinating with the City’s independent audit firm on the preparation of the City’s Fiscal Year 2020 Audited Financial Statements, which it is on track to be completed this Fall 2021.  The office is also working on a financial policies and procedures plan to help guide the future of the department and to ensure the financial stability and accountability for the City. In light of the new policies and procedures implemented within the City Controller’s Office over the past 12 months, the City is  on track to complete all outstanding financial reporting requirements by Fiscal Year 2023.

The City will provide updates on the implementation of the City’s new financial reporting and auditing systems as further progress dictates. If you have any questions, please contact Mrs. Sharon Rahban, City Controller at (310) 605-5576 or at srahban@comptoncity.org.

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