Tuesday, June 5, 2007
Alison St John (Guest Host): The City of San Diego is pulling out of its financial quagmire one step at a time, though it feels a bit like pulling feet out of wet cement. Mayor Jerry Sanders announced yesterday that an independent auditor has finally approved the city's 2004 audit.
Why is the city 3 years late? Well if you remember, not only did Wall Street discover the city had failed to declare its massive billion dollar pension deficit in 2002, but the independent auditor back then, KPMG, also discovered more than a billion dollars worth of inaccuracies in San Diego's 2003 financial statements. So the city had to regroup and go back and clean up the books.
- Fred Sainz , communications director for San Diego Mayor Jerry Sanders.