The mayor is off the hook once again.

The city's compliance audit committee has decided not to call in a special prosecutor to look into the mayor's 2010 campaign expenses.

An auditor's report shows that Rob Ford overspent by 3 per cent, or about $40,000. The report also argues that rules were broken when the mayor's campaign took a loan from his family's holding company and wasn't charged interest.

The committee "received" the auditor's report, but the majority of members decided not to launch legal proceedings.

"Obviously, I'm very pleased with the compliance audit's decision," mayor Ford said after the meeting, "and happy the process is finally over."

Ford says his team ran a "clean, professional, above-board" campaign.

"We made every effort to comply with all the rules," he says.

The mayor's lawyer, Tom Barlow, argued that Ford has already answered for his conduct through an intense audit process. He told the committee that the "teaching moment" has already occurred and prosecution would not be necessary or in the public interest.

Barlow says mistakes were made by the campaign team, but they were made in good faith.

"There is no such thing as perfection in life," he told the committee.

When asked whether he thinks the expenses issue will come up again, Barlow told reporters, "As far as we're concerned, it should be over."