Yukon officials investigating more than $1 million taken from city

About $1.3 million was taken from bond funds from the city of Yukon, according to the Yukon City Council.The money was taken from bond funds that were meant for capital improvement to pay for general expenses without the council's knowledge, according to a news release. The council said the money was taken in October 2015.As part of the investigation into where the trouble began, city leaders said that in some instances the City Ordinance for purchasing equipment was not followed.For some purchases more than $25,000, city employees were directed to recommend purchases without going out for a competitive bid.The council also learned that there may have been inaccuracies to the city's past audits, and a 2015 audit will need to be reissued because the 2015-16 audit is inaccurate.Yukon officials have hired a forensic accountant to assess the city's financial condition.Yukon has been using its reserves to pay expenses for a number of years and does not have enough money to pay its expenditures for the rest of the current fiscal year. The city may have to go through layoffs, liquidate assets and borrow money to meet its financial obligations.

About $1.3 million was taken from bond funds from the city of Yukon, according to the Yukon City Council.

The money was taken from bond funds that were meant for capital improvement to pay for general expenses without the council's knowledge, according to a news release. The council said the money was taken in October 2015.

As part of the investigation into where the trouble began, city leaders said that in some instances the City Ordinance for purchasing equipment was not followed.

For some purchases more than $25,000, city employees were directed to recommend purchases without going out for a competitive bid.

The council also learned that there may have been inaccuracies to the city's past audits, and a 2015 audit will need to be reissued because the 2015-16 audit is inaccurate.

Yukon officials have hired a forensic accountant to assess the city's financial condition.

Yukon has been using its reserves to pay expenses for a number of years and does not have enough money to pay its expenditures for the rest of the current fiscal year. The city may have to go through layoffs, liquidate assets and borrow money to meet its financial obligations.