Pima County says its Treasurer's Office is correcting a "significant error" in reporting investment income between July of 2019 and September of 2021.
According to a news release from the county, the error stemmed from incorrect data entry in internal spreadsheets. The incorrect information resulted in an overstatement of investment earnings, which then led to overpayments of investment income to local taxing jurisdictions.
This created a $1.6 million negative cash balance, the news release said.
The prior administration had moved the unaccounted-for balance into a suspense account, the news release said.
The current treasurer and his team discovered the issue after taking office and immediately conducted a review of financial records.
All funds have now been accounted for, the news release said.
The office concluded the matter was strictly a reporting error, and it will not impact taxpayers financially, the news release said.
The treasurer's office plans to adjust the total investment interest distribution to recover the overpayments starting in November.
