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Audit Audit of the Southfield Redevelopment Authority

This audit of the Southfield Redevelopment Authority (SRA) found improvements at the organization since it was last audited in 2013, but cautioned that cash flow issues and other potential liabilities could threaten its success. The audit examines the period of July 1, 2014 through December 31, 2016.

Binder organization: Office of the State Auditor
Date published: March 29, 2018

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor (OSA) has conducted a performance audit of the Southfield Redevelopment Authority (SRA). In this performance audit, we followed up on issues identified during our prior audit of SRA (No. 2012-1452-3A) to determine what measures, if any, SRA’s management had taken to address these issues. Specifically, we examined SRA’s financial planning activities, its financial viability, the adequacy of its internal controls over the procurement of services, oversight by its board, and compliance with filing requirements for its annual financial reports.

During our current audit, we found that SRA, in response to our prior audit’s recommendations, had developed plans for completing the East-West Parkway, providing and financing a water and wastewater system, and financing future infrastructure requirements; effected better oversight by its board; and improved its internal controls over the procurement of services. However, SRA still needs to improve in certain areas.

Below is a summary of our findings and recommendations, with links to each page listed.

Finding 1

SRA should take additional measures to ensure its financial solvency.

Recommendation

SRA should immediately develop plans and take the measures necessary to ensure that it can fund its contingent liabilities should they occur, in addition to making sure its future cash flow needs will be fully met.

Finding 2

SRA did not file audited financial statements in a timely manner.

Recommendation

SRA management should send the agency’s annual financial audits to OSA within 120 days of the close of the fiscal year. If SRA cannot meet the 120-day reporting requirement, it should work with the Legislature to amend the relevant legislation to reflect a timeframe that is achievable.

The PDF version of the audit of the Southfield Redevelopment Authority (SRA) is available here.

Abbreviations

BRAC

Defense Base Closure and Realignment Commission

CEO

chief executive officer

DDA

Disposition and Development Agreement

DOD

Department of Defense

NAS

naval air station

NASPC

Naval Air Station Planning Committee

OSA

Office of the State Auditor

SRA

Southfield Redevelopment Authority

SSTTDC

South Shore Tri-Town Development Corporation

 

Aerial photo of the former South Weymouth Naval Air Station by Kevin Rutherford.

Contact

Phone

Fax

(617) 727-3014

Address

Massachusetts State House
Room 230
Boston, MA 02133

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