Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Watch Live

S.D. to Hire Financial Monitor

San Diego City Council has agreed to the mayor’s proposal to hire an independent monitor. But council members say they don’t want another contract like the one with the Kroll Consultants, that cost

S.D. to Hire Financial Monitor

San Diego City Council has agreed to the mayor’s proposal to hire an independent monitor. But council members say they don’t want another contract like the one with the Kroll Consultants, that cost the city millions. KPBS reporter Alison St John has more.

The Securities and Exchange Commission requires San Diego to hire a monitor, because the city failed to disclose its massive pension deficit to investors.

Advertisement

The mayor proposed Boston attorney Stanley Keller, and asked the council to approve a contract of $4 million over three years

City Councilman Jim Madaffer pointed out the last consultants hired to investigate city finances originally asked for only $250,000.

Madaffer: By the time that bloodbath was over with it was over twenty million dollars. I would hope Mr. Keller you would do everything you can to keep it under four million as far as you can

The monitor’s contract is for $2 million for the first year, but Keller says he expects the work to taper off after that

Advertisement
Keller: And I guarantee you there will be no surprises.

The city interviewed 15 potential candidates but many of them said they wouldn’t do the job for only $4 million.

Alison St John KPBS News.