City officials lost track of $33 million

Pat Loeb
April 25, 2018 - 6:13 pm

PHILADELPHIA (KYW Newsradio) — It's hard to misplace $33 million, but the Office of the Controller said the city can't find that massive capital in its bank account that is supposed to be there.

Controller Rebecca Rhynhart told City Council during a budget hearing that she noticed the bookkeeping error in the city's comprehensive financial statement.

"To me, that's extremely concerning," she said.

A few years ago, Rhynhart said the Treasurer's Office stopped doing the daily reconciliation between the amount the revenue department says came in to the city and the amount in the city's bank account, a statement that shocked Councilman Allan Domb.

"You're saying we haven't reconciled an account that had hundreds of millions of dollars going through," he said.

"I mean, look," Rhynhart continued, "this is significant. ... We need to fix those things, and there are serious issues."

Director of Finance Rob Dubow admitted the city fell behind and now they're working to "catch up" and figure out where the money is. 

He said they've already located some of the money, so the missing total is down to $27 million. 

"There's no way I'm letting up on that," emphasized Rhynhart.