Free Republic

City Controller Rebecca Rhynhart released a report Tuesday night stating $33.3 million is missing from the City of Philadelphia's main cash account. Besides financial discrepancies, the report also found issues ranging from outdated technology to inadequate staffing. "My office has opened a fraud investigation," Rhynhart said. According to the report, the discrepancy dates back several years. The report states other city accounts have not been reconciled by the Treasurer's Office, some since 2010.

City officials are trying to figure out if $33.3 million is missing from the city’s main bank account. The discrepancy is the amount the city reports having in its records vs. what bank statements show and was first flagged in the city’s 2017 Comprehensive Annual Financial Report (CAFR), released in February. But the problem wasn’t widely known to the public until the current series of budget hearings — in which Councilman Allan Domb has peppered every city financial official about the unaccounted-for funds. “I’m flabbergasted,” Domb said as he questioned the city’s treasurer earlier this month. “There could be a...