Tuesday, October 3, 2006
A new report shows San Diego's financial condition is worse than previously thought. A report from Mayor Jerry Sanders shows the retiree health care liability grew from $978-million to more than $1-billion.
The deficit in the city employee pension fund also grew from $1.4 billion to $1.8 billion. Overall, the city is about $770-million deeper in debt than previously thought. City Attorney Michael Aguirre says this brings home how serious the financial crisis is. Auditors are expected to certify the report in coming weeks.