A recent accounts payable recovery audit has found that the Alexandria Housing Authority in Alexandria, Louisiana, owes more than $900,000 to vendors, according to the Alexandria Daily Town Talk.
The agency, which uses federal money to subsidize housing for the poor, had not updated its ledger since June of 2010. Expenses and revenue had never been recorded for fiscal year 2010, which made it difficult to get a clear picture of its current financial situation. Additionally, the AHA was found to have wrongly distributed money among restricted funds, resulting in the agency losing almost $2 million in the 2009-2010 fiscal year.
"I have substantial doubt about AHA's ability to continue," the auditor wrote in his report, according to the news source. "Management's plan for dealing with these conditions is to utilize a one-time source of revenue to allow the authority to continue doing business as usual for a period of time until those funds run out."
According to the Monroe News Star, the agency has a history of financial mismanagement dating back more than a decade.