The firm that leases Chicago’s 36,000 parking meters failed to follow rules requiring it to hire firms owned by female, Black and Latino Chicagoans, according to an audit released Tuesday by the city’s watchdog.

When Chicago Parking Meters LLC leased the city’s meters for 75 years in return for $1.15 billion in 2008, it agreed to hire firms owned by female, Black and Latino Chicagoans to perform “at least 25% of annual expenses tied to operating the parking meter system, excluding construction contracts,” according to the much-loathed deal.

From 2011 to 2018, the firm said it met those requirements by hiring a firm that city officials had not verified by was actually owned by someone who met the standards set by the city, Inspector General Deborah Witzburg determined.

Witzburg said it was “troubling” that the city did not hold the firm accountable for seven years.

The city’s watchdog blamed “inefficient or wasteful management” with no “policies or procedures for monitoring and ensuring compliance,” according to the audit.

A spokesperson for Chicago Parking Meters LLC could not be reached for comment.

Chicago’s Chief Operating Officer John Roberson said the city would step up oversight of the city’s contracts in an effort to “ensure that all of Chicago’s residents have the opportunity to participate fully in the business of the city.”

There are 59 years left on the parking meter lease, which has generated $1.6 billion in revenue for the firm, $500 million more than they paid the city more than 15 years ago.