Stockbridge staff says $32 million was accounting discrepancy, not missing cash

City finance staff told the Stockbridge City Council that a widely shared claim that "$32.9 million" was missing represented accounting and budget-amendment differences, not missing funds.

"There was never $32,900,000 missing in the city of Stockbridge," Mayor Pro Tem Elton Alexander said on the record during the audit discussion, and treasurer/assistant city manager Frank Malozzi explained that differences between adopted budgets and actual results required post-year budget amendments to bring funds and accounts into balance. Auditors and staff described that some SPLOST (special-purpose local-option sales tax) project costs were paid from operating accounts and later reclassified; those adjustments restored the funds to the appropriate project accounts.

Auditors reported corrective actions to strengthen receivable management, fixed-asset capitalization and project accounting, particularly for the amphitheater and interfund activity. Staff said the audit and associated corrective plans are in the audit book and will be posted publicly; council requested staff read key corrective items into the public record during the work session.