Published November 6, 2023
About This Audit
A compliance audit was conducted for the City of Bradford’s Comprehensive Municipal Pension Trust Fund for the period January 1, 2021, to December 31, 2022. The audit evaluated corrective actions for previously identified compliance issues and checked the administration’s adherence to relevant laws, regulations, and internal policies. The key findings indicated general compliance but highlighted the city’s ongoing failure to fully meet the Minimum Municipal Obligation (MMO) of the pension plans, a repeated issue from previous audits. The audit assessed aspects such as proper deposit of state aid, accuracy of employer and employee contributions, retirement benefit calculations, and compliance with pension obligation bond issuance. The City of Bradford must address the MMO issue to avoid potential state aid withholdings, supporting continued compliance and sustainability of its pension systems. This is an automated summary. Please rely on the contents included in the released audit report.