;;

Tuesday, May 10, 2016

Media Release:City of Hamilton successful in insurance claim to replace mishandled funds

For Immediate Release

City of Hamilton successful in insurance claim to replace mishandled funds

Hamilton, Ontario – May 9, 2016 – The City of Hamilton has been successful in a claim to its insurer for approximately $1 million relating to a loss arising from the mishandling of funds by a former employee in 2013.

The City conducted both an internal investigation and retained a forensic accountant to conduct an evaluation. Both the internal investigation and the forensic accountant’s work validated the mishandling and were used to support the successful claim to the insurer.

Additionally, the City’s internal investigation and the forensic accountant’s evaluation identified areas for improvement to City of Hamilton cash handling processes and those changes in procedures were implemented following the audits. We continue to work with the Hamilton Police Service on this matter.

3 comments:

  1. AnonymousMay 10, 2016

    Pinch me but I really don;t see the point of doing a media release on this. So what if the insurance company paid. The real issue is why the city was so sloppy to allow this to happen . I would not be bragging about this.

    ReplyDelete
  2. AnonymousMay 10, 2016

    So since a claim was submitted and paid, what's this do for our rates? I don't see a $1M payout as something that's normal, so I am sure our premiums are about to go up, which means another increase to our taxes.

    ReplyDelete
  3. AnonymousMay 11, 2016

    The important thing is that the money has been reclaimed from insurance and the City has been informed of some changes to prevent such a loss in the future and are acting upon it.

    Criminals are very creative in their ability to conduct criminal acts, I'm glad to see the City is closing such opportunities. Unfortunately, the criminals are ahead of the security provisions and it is a constant uphill battle. Nobody at City Hall wishes to see this type of loss to taxpayers or this type of activity occurring within the corporation, unfortunately it is not isolated to public corporations, they just receive the attention. Good on Chris Murray and his administration to ensure this doesn't happen again.

    ReplyDelete

Your comments are welcome. Please abide by the blog's policy on posting. This blog facilitates discussion from all sides of issues. Opposite viewpoints, spirited discussion and even pointed comments are welcome, provided they are respectful. Name calling is not allowed and any posts that violate the policy, will simply not be authorized to appear. This blog also reserves the right to exclude comments that are off topic or are otherwise unprofessional. This blog does not assume any liability whatsoever for comments posted. People posting comments or providing information on interviews, do so at their own risk.


Comments posted on this blog, may be used as excerpts in whole or in part, in other media sources .
This blog believes in freedom of speech and operates in the context of a democratic society, which many have fought and died for.

Views expressed by commentators or in articles that appear here, cannot be assumed to be espoused by The Hamiltonian staff or its publisher.