Mayor: CitiFest failed to fulfill duty

CitiFest Inc. did not live up to expectations of
managing the Erie Street Market, Toledo Mayor Carty Finkbeiner said
after reviewing a financial audit of the organization that he ordered.

"While there is no evidence of wrongdoing or misappropriation, it is
clear that CitiFest did not meet their managerial or fiduciary
responsibility to the City of Toledo," Mr. Finkbeiner said in a
statement.

 


The audit said there was no written agreement between CitiFest and the Erie Street Market to support that amount.

"At this same time, they were paying the Downtown Toledo Improvement
District $4,000 a month to market the Erie Street Market over a period
of three months," the mayor's statement said. "Due to the commingling
of funds, it was impossible to determine if overdraft fees were charged
to the Erie Street Market for expenses incurred by the Market or by
CitiFest."

 

http://toledoblade.com/apps/pbcs.dll/article?AID=/20071213/NEWS16/712130402

No votes yet

using multiple sources of media for a better understanding of what actually occurred.

My blog (http://thurbersthoughts.blogspot.com/2007/12/mayoral-spin-on-citifest-au...) has the questions and comments from the audit report and links to the other news media coverage of the story...

Thank God there is no wrong doing! I do have a question, however. Are there laws that punish people for stupidity?

...no laws that punish people for stupidity...too many of us would find ourselves suffering under such laws at some point in time. Seriously, how many people have NEVER done something we later thought was stupid?

... stupidity is not a valid defense when mishandling funds in Corporate America. Fiduciary duty has legal consequences.

They failed to use QuickBooks.

---------

"When I say your dumb name, please stand up briefly, but then quickly drop to your knees and forsake all others before me." -Ignignokt

There's a city full of walls you can post complaints at

...the audit found a couple of things that needed to be corrected, including charging MORE to the ESM than had previously been done because some legal and accounting fees had been covered completely by Citifest when they should have been shared by ESM.

Just because the mayor says (and the paper prints) that Citifest didn't "meet their managerial or fiduciary responsibility to the City of Toledo" doesn't make it so.

According to the audit, they did what the city contract hired them to do.

Question: Did any of us think that the City was going to take blame for anything?

Well, sure.
The leadership failed to oversee the operation and failures occurred.
It is really okay to admit to failure, one learns from it.

If we expecting a statement from the administration that there was a failure of oversight, well no, but it is self evident. 

http://toledoohioneighborhoodconcerns.com/blog

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