Will audit report serve as 'road map' for City of Lodi?
Jun. 12—Lodi City Councilwoman Lisa Craig-Hensley said a lot of the issues presented in a recent internal review report relate to best practices.
The council on Tuesday received the presentation from Moss Adams, LLP during a special meeting.
The report, which was completed in January, focused on assessing key controls for protecting city assets and resources, as well as timely processing and reporting of financial information.
"There are a number of instances that truly reflect our continuing concern for lack of staffing to do some of the work (described in the report)," Craig-Hensley said. "There were certain sections that said 'get caught up, bring in some temp staff.' If we need temp staff to work 200 hours to do some of this, we need to get that done."
Some of the firm's recommendations include implementing a fraud, waste and abuse hotline; establishing an internal audit function; assessing staffing levels; assessing the necessity of fleet vehicles and dispose of vehicles that are no longer needed; and strengthening the CAL-Card use and review process, among others.
Craig said she favored the implementation of an investment committee or finance committee to oversee investment strategies and decisions, as suggested in the report.
Currently, the city's investments are overseen by one employee, which Moss Adams said can pose several risks, including lack of diversification, limited perspective and reliance on individual judgment.
An investment committee would be comprised of individuals with diverse expertise, including finance, risk management, and relevant industry knowledge, the firm said.
If the city does not have sufficient knowledge to self-manage its investments, the firm suggested that it should consider contracting with a third-party fiduciary.
Craig also said the city needs to comply with city ordinance 3.20, which states a purchasing officer be appointed by the city manager and have general oversight of purchasing functions.
Lodi Chamber of Commerce president and CEO JP Doucette said the report was an important step in tackling the challenges facing the city's financial operations.
He said Moss Adams not only delivered confirmation that there were financial issues at City Hall, but a "road map" of steps to correct weaknesses in the organization's structure.
"This is the kind of transparency and accountability we expect from the city," he said. "It's the implementation that matters now. These (recommendations) aren't optional. These are critical controls that any business or nonprofit operating in Lodi would be expected to have in place."
In its report, Moss Adams also found that the city does not have a mechanism in place for reporting potential fraud, waste or abuse, which creates the risk that potentially suspicious activities may not be investigated or resolved.
This may lead to potential misappropriation of assets, fraudulent financial reporting, or other related activities, the firm said. A hotline would offer employees, residents and vendors a confidential avenue to report suspicious activities or concerns in a timely manner, which would allow the city to respond and address the concerns, the firm said.
In addition, the firm said a hotline would enhance transparency, encourage accountability and foster a culture of integrity in the city.
Moss Adams added the lack of an internal audit function can result in less oversight, which can lead to undetected errors, mismanagement or fraudulent activities within departments.
The firm suggested the city outline the scope and objectives of an internal audit function, and create a comprehensive plan that prioritizes high-risk areas and establishes a schedule for regular internal audits of various departments and functions.
The city should also identify qualified resources to carry out the internal audit function, either through recruitment or outsourcing to a qualified firm, and regularly assess its effectiveness and make adjustments as necessary to improve its impact on departmental and operations, the firm said.
To view the entire document, visit tinyurl.com/COLinternalcontrols.
The council also approved an amendment to a contract with Meyers Nave of Sacramento for legal services related to employment matters and investigations.
According to Tuesday's agenda, the council approved allocating $50,000 to make the total contract $260,000.
Craig-Hensley said the additional funding was related to work involving public records requests due the the city's lack of staffing and ability to fulfill requests from the community.
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City's independent watchdog to be replaced as several reports remain under wraps
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While there's a case to be made for paying a high annual fee when you're getting high value in return, most people dislike the idea of paying money to spend money. Value: A good credit card should offer enough value to offset any annual fee several times over. When evaluating no-annual-fee cards, I focused on the ones that provide the best benefits or most generous rewards. Read Business Insider's guide to points and miles valuations to learn what your credit card rewards are worth, and learn more about how we rate credit cards. Wells Fargo Active Cash® Card The Wells Fargo Active Cash® Card is ideal for people who prioritize flat-rate cash rewards. Its ease of use makes it our pick for the best credit card for earning cash rewards. This card is all about simple math and cash, earning unlimited 2% cash rewards on purchases across all categories. Wells Fargo Rewards can easily be redeemed for statement credits, gift cards, travel, and more. 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Blue Cash Preferred ® Card The Blue Cash Preferred® Card from American Express is a fantastic household credit card for families who spend money on groceries, commutes, and streaming services. This card earns 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%) and on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations and on transit, and 1% cash back on other purchases (cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at checkout). Terms apply. The Blue Cash Preferred® Card from American Express has an annual fee of $0 intro for the first year, then $95 (rates and fees). If you max out the cash back bonus at U.S. supermarkets spending $6,000 each year, that's $360 of cash in your pocket — significantly more than the annual fee you'll start paying in Year 2. 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This card doesn't earn a traditional welcome bonus, but Discover will automatically match all the cash back earned at the end of new card members' first year through the Discover it Cashback Match program. This means you'll have your rewards earnings matched at the end of Year 1 of card ownership. This card offers new cardholders a generous zero-interest offer on new purchases and existing debt: 0% intro APR for 15 months on purchases and balance transfers, then 18.24% - 27.24% Variable APR APR. While some cards offer longer 0% APR periods, few do so while still earning rewards as generous as the Discover it® Cash Back. Southwest Rapid Rewards ® Priority Credit Card Southwest is one of the most popular airlines for U.S. travelers, and the Southwest Rapid Rewards® Priority Credit Card gives frequent flyers a serious leg up on benefits. This credit card is Southwest's premium consumer card and comes with a $149 annual fee. 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But if you do, this card can help you fast-track your way to elite status and the coveted Southwest Companion Pass, especially if you time your welcome offer just right. What I love: $75 annual statement credit toward Southwest travel, free checked bag Capital One Venture X The Capital One Venture X Rewards Credit Card is the most affordable premium credit card with complimentary access to Capital One Lounges and Priority Pass airport lounges. The $395 annual fee may shock you, but the Capital One Venture X actually offers lounge access at a far lower cost than its competitors. Authorized users under your account also get complimentary memberships to all Capital One lounges — an unprecedented generosity you won't see from any other high-end credit card including the Chase Sapphire Reserve® and The Platinum Card® from American Express. Cardholders get an annual travel credit of up to $300 on travel booked through the Capital One travel portal, and a 10,000-mile bonus on each account anniversary worth at least $100 toward travel. New customers can also earn 75,000 bonus miles when you spend $4,000 on purchases in the first three months from account opening. Rewards are very easy to calculate: 10 miles on hotels and rental cars booked through Capital One Travel, 5 miles per dollar on flights and vacation rentals booked through Capital One Travel, and 2 miles on all other purchases. They're also very easy to redeem. FAQs The Chase Freedom Unlimited®, the Bilt Mastercard® (rates and fees), and the Chase Sapphire Preferred® Card are three of the top credit cards you can get right now. Each card earns generous rewards on everyday expenses like food and travel. The information for the following product(s) has been collected independently by Business Insider: Citi® Double Cash Card. The details for these products have not been reviewed or provided by the issuer.
Yahoo
20 hours ago
- Yahoo
Limited-time offers: Earn up to 175,000 bonus points with Hilton Amex cards
American Express and Hilton have brand-new offers across their Hilton Honors suite of credit cards, including three personal card offers and one business card offer: Hilton Honors American Express Card: Earn 100,000 Hilton Honors Bonus Points and a $100 Statement Credit after you spend $2,000 on eligible purchases in your first six months of Card Membership. Hilton Honors American Express Surpass® Card: Earn 130,000 Hilton Honors Bonus Points after you spend $3,000 on eligible purchases in the first six months of Card Membership. Plus, enjoy a $0 introductory annual fee for the first year, then $150. The Hilton Honors American Express Business Card: Earn 150,000 Hilton Honors Bonus Points after you spend $8,000 on eligible purchases in your first six months of Card Membership. Plus, earn an additional 25,000 Hilton Honors Bonus points after you spend an additional $2,000 in purchases in your first six months of Card Membership. Hilton Honors American Express Aspire Card: Earn 175,000 Hilton Honors Bonus Points after you spend $6,000 on eligible purchases in your first six months of Card Membership. These offers end August 13, 2025. Earning a credit card sign-up bonus is an excellent way to help reduce large expenses on your next trip. In the case of these Hilton offers, you can cover some or all of your lodging costs. With over 8,000 properties worldwide, you have plenty of Hilton hotels to choose from. We calculate the value of Hilton Honors points to be about 0.63 cents per point, which means 10,000 Hilton points are worth around $63. Using this valuation, here's the estimated value of these bonuses: Hilton Honors American Express Card: $730 (100,000 Hilton points + $100 statement credit) Hilton Honors American Express Surpass® Card: $819 (130,000 Hilton points) The Hilton Honors American Express Business Card: $1,102 (175,000 Hilton points) Hilton Honors American Express Aspire Card: $1,102 (175,000 Hilton points) Note that Hilton uses dynamic pricing for its bookings, which means the cost (in cash or points) of a stay can vary by date, property, type, and other factors. This can also affect your redemption value if using points, so it's possible to get a higher or lower value than the average. This stay would set you back 100,000 points or $1,414.38. That's a redemption value of about 1.4 cents per point, which is well above the average value. In general, booking stays at high-end properties or stays at any property with a high cash price can result in more favorable redemption values. If you're looking for a few nights in the Icelandic capital, this stay would cost 102,966 Icelandic Króna (about $831.59 at the time of writing) or 130,000 Hilton points. That gives you a redemption value of about 0.64 cents per point, which is almost exactly the average value. If you like to stretch your points for more stays, consider booking something like this five-night stay at the Hilton Garden Inn Lima Miraflores in Peru. This stay would cost $853.05 or 100,000 points, for a redemption value of about 0.85 cents per point, which is slightly above average. A standard room in this hotel typically costs 25,000 points per night, which means booking five nights should cost 125,000 points. However, the Hilton Fifth Night Free Benefit gives you every fifth night for free when booking a standard room reward stay for five or more consecutive nights. Explore the different Hilton Honors Amex cards to see which one makes the most sense for you want to avoid an annual fee, we recommend the Hilton Honors American Express Card. This is the most affordable option available, and it lets you earn Hilton points directly on your eligible purchases, including 5x points at U.S. restaurants, supermarkets, and gas stations. If you want more travel benefits without a high annual fee, consider the Hilton Honors American Express Surpass Card. This card offers complimentary Hilton Honors Gold Status and up to $50 in Hilton property statement credits each quarter (up to $200 per year). Plus, you can earn a Free Night Reward each calendar year after spending $15,000. The Hilton Honors American Express Business Card is the obvious choice if you want a business card that earns Hilton points, as it's the only Hilton business card available. It's also not a slouch in the benefits department, offering perks similar to those on the Hilton Amex Surpass, such as complimentary Hilton Honors Gold Status up to $60 in Hilton property statement credits each quarter (up to $240 per year). The Hilton Honors American Express Aspire Card is the best Hilton card for premium benefits, including complimentary Hilton Honors Diamond Status, an annual Free Night Reward each year, and up to $200 in Hilton Resorts statement credits semiannually (up to $400 per year). This card has the highest annual fee of the bunch, but no other Hilton card comes close to the Aspire in terms of total perks and benefits. Related: If you aren't particularly loyal to Hilton, consider using flexible rewards from some of the best travel credit cards Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank's website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
