A resolution requesting the Director of Finance and the Director of the Audit Division to audit all bonds sold during the past seven years to identify unspent bond funds and/or funds that may be unaccounted for, and to present the results of such audit to the Metropolitan Council.

WHEREAS, during the Council deliberations on the 2006-2007 Mayor's Capital Spending Plan, consideration was given to reducing the amount of various projects to provide additional funding for the Metropolitan stormwater program; and

WHEREAS, prior to the Council taking action on the spending plan, Public Works Director Billy Lynch informed Members of Council that several million dollars in unspent bond funds could be transferred from Public Works to the Water Department for stormwater improvement projects if the Mayor's Capital Spending Plan was approved by the Council without modification; and

WHERAS, Section 8.103 of the Metropolitan Charter requires the Director of Finance, or one of his divisional directors, to "periodically inspect and audit the accounts and records of financial transactions maintained in each department, office and agency of the Metropolitan Government"; and

WHEREAS, Section 2.24.100 of the Metropolitan Code of Laws provides that the Internal Audit Division of the Finance Department is responsible for the audit functions under the Charter; and

WHEREAS, it is fitting and proper that all bond funds be audited to determine if money remains unspent and/or unaccounted for.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That the Metropolitan County Council hereby goes on record as requesting the Director of Finance and the Director of the Audit Division to audit all bonds sold during the past seven years to identify unspent bond funds and/or funds that may be unaccounted for, and to present the results of such audit to the Metropolitan Council.

Section 2. The Metropolitan Clerk is directed to send a copy of this Resolution to David Manning, the Director of Finance of the Metropolitan Government, and to Don Dodson, the Director of the Division of Audit.

Section 3. The Director of Finance and the Director of the Audit Division are further requested to respond to the Council as to the feasibility of and/or action taken in compliance with the request stated in Section 1 hereof not later than sixty (60) days after the adoption of this Resolution.

Section 4. That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Ludye Wallace