S.D. Now On Its Own With Financial Reform
Monday, March 8, 2010
An independent monitor the city of San Diego had to hire three years ago is wrapping up his work. The city council will hear the monitor’s final report today.
SAN DIEGO An independent monitor the city of San Diego had to hire three years ago is wrapping up his work. The city council will hear the monitor’s final report today.
The Securities and Exchange Commission ordered San Diego to hire an independent financial monitor after it found the city had committed securities fraud relating to pension and retiree health care obligations. Since 2007 the monitor has issued annual reports on San Diego’s progress toward improving its financial reporting and disclosure practices. City Councilman Carl DeMaio says it’s now up to the city to stay on track.
“Now that the monitor will be leaving the city, and the city will be on its own, I think the Audit Committee that I serve on needs to be more vigilant in making sure that we finish the job of fiscal reform and improving internal controls in every city department,” he says.
The monitor’s report includes 22 recommendations for the city. It says San Diego has made a lot of progress but needs to address its ongoing financial problems if it wants to maintain that progress.