Audit: L.A. housing authority plagued by bad financial management

Los Angeles’ housing authority, which runs on about $1 billion a year in taxpayer funds, is plagued by bad financial management that exposes it to “questionable practices and poor decisions,” according to an audit released Thursday by City Controller Wendy Greuel.

Financial oversight was so lax, the audit found, that the board of commissioners that oversees the agency did not receive any financial statements or budget status reports during 2011 or the early part of 2012, except for one oral report last spring that contained little financial information. The proposed budget that was presented to the board in 2012 was not balanced and contained contradictory statements.

–  LA Times

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