QUESTION
How are BID budgets and expenditures audited and accounted for in New York City?
0:41:24
·
100 sec
NYC Department of Small Business Services receives and audits invoices and budgets from bids to ensure accountability.
- Bids provide invoices and budgets to the Department of Small Business Services for review and auditing.
- The Department's team participates in the finance committee meetings of bids.
- Bids must submit their final budgets to the Department of Small Business Services.
- The process ensures accountability and efficient use of resources.
- The Department is actively seeking ways to support bids in their operations.
Vickie Paladino
0:41:24
So if you allow a bid, a smaller bid like that's in my neighborhood, let's just say hypothetical.
0:41:31
$2,000,000.
0:41:33
You give the baseline bid.
0:41:34
What do they give you as proof as to how they used because I know what my my the president of the board of directors makes.
0:41:46
It's an awful lot of money.
0:41:48
So there is a little bit of that in there as well.
0:41:52
I just am curious.
0:41:53
I just wanna make sure that every nickel and dime, especially with the city in this in the position that we're in right now.
0:42:01
Bids are necessary.
0:42:02
I wanna see businesses grow.
0:42:03
I wanna do this town hall, but I also wanna keep track of the bottom line.
0:42:08
We're talking tens of 1,000,000 of dollars.
0:42:10
And greed has a way of stepping in.
0:42:12
Do they give you a receipt?
0:42:14
We did this, we did that, but how does it how was it accounted?
Calvin T. Brown
0:42:18
So as it relates to our grants, they do provide us with invoices, As it relates to just general account and our bids do a wonderful job managing sometimes the limited resources that they have As I stated, they do audits.
0:42:34
We when I say we, my team, we sit on their audit, their finance Right.
0:42:40
Committee teams.
0:42:41
When they provide no budgets Yeah.
0:42:43
They have to provide budgets at the end.
0:42:44
We get those budgets.
0:42:45
They have to submit those budgets to SBS.
0:42:48
So there's a counting of it.
0:42:50
So they're they're doing a tremendous job sometimes with limited resources.
0:42:56
And this is why, you know, SBS, we're here at my team.
0:42:59
We are constantly trying to find ways to just help them do the work that they're doing.