Arena brings in accounting firm on the heels of audit report

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News 12 at six o'clock, May 2, 2008

Augusta, GA---Tabb and Tabb says the books are "good." The complex is operating at a loss of $1.5 million dollars for 2007. The authority calls that financial picture better than the year before. These results are dated. They only account for the numbers through June of 2007. This fiscal year isn't up for another two months.

That's when things could get interesting because of the many changes over the past several weeks. Tabb and Tabb recommended the authority compile written documentation of standard operating procedures and outsource payroll. They also said that the arena did not have adequate staff in the finance department.

The arena is working to clean up their act. They've brought Baird and Company, a local CPA firm, On as finance director. The firm will work at a rate of $7,800 a month with an additional one time only charge of close to $12,000 just to clean-up the books.

"Sounds like a lot of money...but we are in negotiations with them to do it on an as needed basis because as you all know we are interested in bringing in a management company," said Keith Brown who is chair of the coliseum authority.

The firm says they are okay with working on an as needed basis. They have no desire to be in a place they aren't wanted.



 
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