LEXINGTON, MO – A financial audit of the city of Lexington has reportedly found evidence of instability.
The results of the audit, released publicly Thursday by Missouri Auditor, Nicole Galloway, indicates evidence of what she called “financial missteps,” including payments related to a failed venture to build a city-owned hospital. The desire of city officials to build a hospital began in 1985, with related spending on the project cresting one million dollars before voters rejected the idea in a 2012 election.
The audit also reported a lack of oversight in accounting practices, including the lack of a beginning and estimated ending cash balance.
The citizen-requested audit comes as Lexington is trying to find other ways to keep revenue. City officials are currently considering the disbandment of the police department, even as the position of Police Chief remains unfilled after being vacated by former chief Mark Lamphier.
Auditor Galloway says, the city has pledged to take action to improve budgeting procedures. Lexington achieved an overall rating of ‘fair.’
To view the audit click here.