$140M cost overrun for system overhaul at ATB

EDMONTON — The auditor general has found a huge cost overrun as Alberta Treasury Branches overhauls its banking and accounting systems.

EDMONTON — The auditor general has found a huge cost overrun as Alberta Treasury Branches overhauls its banking and accounting systems.

The original cost of the upgrade has nearly doubled to more than $300 million and the project is now one year behind schedule.

Acting auditor general Merwan Saher says the root causes of the delay and the resulting cost increases should have been identified and dealt with much earlier.

But Saher also says he has not seen anyone in management held accountable for this major cost escalation.

Saher says ATB and its contractors were too slow to complete a master blueprint for this project.

The report indicates that it took nearly a year for ATB officials to report to their board of directors that the cost of this upgrade had almost doubled.