Audit

California blasts West Valley Water District for financial control failures, including awarding contracts without a bidding process.

Illinois published its fiscal 2019 financial results Thursday as strains from the coronavirus pandemic loom large over fiscal 2020 and 2021.

State Comptroller Susana Mendoza released interim numbers because the state's comprehensive annual financial report for fiscal 2019 is unfinished.

The audit involved four CUSIPs for $53.995 million in bonds issued in 2009.

The proceeds of the bonds were used for the construction of a 232,100 square foot residential facility with 108 living units located on the main campus of an existing facility in Dallas known as The Overlook.

Jail bonds are being targeted for audits by the IRS this year with respect to whether federal government use of locally built facilities or management contracts with localities causes excessive private business use.

The new alternative reference rates cited by Treasury and the IRS include the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York and the Federal Funds Rate.

The Idaho audit involved $1.485 million general obligation bonds issued with a taxable direct-pay federal subsidy under the Qualified School Construction Bonds program.

Public safety and jail bonds, sinking fund overfunding and variable rate bonds are the top IRS compliance and enforcement priorities for the municipal bond market in fiscal 2020.

Six of the eight audits — including the Building Authority audit disclosed Monday — involve IRS Form 8038-CP.