City of New Orleans

Specialized Recovery Finance and Accounting Services

The City of New Orleans awarded a team, including Moreward, a contract to help the City improve its internal controls to better comply with Federal and State grant requirements and to provide accounting and finance support during the post Hurricanes Katrina and Rita reconstruction effort. Moreward led a team of professionals in performing an internal controls assessment to identify improvements and/or additional internal controls the City can implement, that will promote efficiency, reliability of financial reporting, and compliance with various related funding sources including HUD CDBG, FEMA PA, and the Louisiana State Revolver Fund. In a 90 day time frame the team delivered to the City:

i) Documentation of the City's current internal control policies and procedures;

ii) Recommendations for improved internal control policies and procedures;

iii) Protocols and checklists to be used to help prepare for federal and state audits, project closeouts, and final reimbursement claims; and

iv) An accounting methodology and mechanism to track all advances, versions, change orders, payments, and reimbursements from multiple City accounting and document management systems.

In addition, as part of the team, Moreward is currently providing accounting and finance support to the City related to its reconstruction efforts. Our tasks related to the on-going support services include:

i) Processing project vendor payments, including advances, reimbursements, and draw-downs for all funding sources;

ii) Tracking submittal and receipt of advances, versions, change orders, payments, and reimbursements;

iii) Assisting in the preparation of Capital Budget ordinances, quarterly and annual Capital Budget reports;

iv) Developing and monitoring cash flow models by funding source;

v) Proposing suggested changes in funding sources, and reporting the associated adjustments to all related cash flows models;

vi) Reporting the financial impacts that the associated funding options will have on all related cash flow models; and

vii) Working with the Finance Department and City grant compliance representatives to produce any materials, such as protocols and checklists, which help the City to comply with funding requirements and guidelines.

Sales and Use Tax Audits

Moreward serves as auditor on behalf of the City of New Orleans in determining the accuracy of taxpayers' tax liability. This project involves analyzing the taxpayer's P&L Statements, General Ledger, Expense Accounts, and other financial and operations data to determine if there is any variance in reported tax paid to the City of New Orleans. This project has allowed the City of New Orleans to collect past due taxes including penalties and fees.

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