Reuters: Regulatory News: Washington, D.C., discloses informal SEC inquiry

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Washington, D.C., discloses informal SEC inquiry Oct 23rd 2012, 20:04 Tue Oct 23, 2012 4:04pm EDT Oct 23 (Reuters) - The U.S. Securities and Exchange Commission has launched an informal inquiry into Washington, D.C., requesting a slew of documents from its Office of Integrity and Oversight, the city disclosed on Tuesday. The city said it intends to "fully cooperate" with the request. The disclosure was made in a supplement to the official statement for the District of Columbia's sale last week of $675 million of fiscal 2013 tax revenue anticipation notes. The informal inquiry request the city received on Monday from the SEC enforcement division's municipal securities and public pensions fund unit asked for copies of audits, inspections, reviews and investigations conducted by the office between Jan. 1, 2010, and Oct. 19, 2012. The requested information was related to Washington, D.C.'s chief financial officer's offices of finance and treasury, tax and revenue and financial operations and systems, according to the disclosure. A SEC spokesman declined to comment on the matter. The district's disclosure referred to recent media reports concerning problems with an Office of Integrity and Oversight audit on changes to property assessments. It also detailed actions taken by the city council since Oct. 12, including a hearing at which no improper actions were found and the adoption of a plan to strengthen the audit process. "Although there have been OIO reports over the years that have raised concerns with certain processes related to the collection of tax revenues, all of such concerns have been or are in the process of being addressed," the document said. The OIO was created by the Office of the Chief Financial Officer in 2003 to conduct regular audits of its operations. Link this Share this Digg this Email Reprints

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