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S.D. Councilman Faulconer Confirmed as Chair of Audit Committee

San Diego City Council confirmed Councilman Kevin Faulconer as the chair of a new audit committee to oversee the city’s finances. The new committee was recommended by the Kroll consultants to bolster

San Diego city council confirmed Councilman Kevin Faulconer as the chair of a new audit committee to oversee the city’s finances. The new committee was recommended by the Kroll consultants to bolster the city’s credibility on Wall Street .

The city has been barred from the bond market since it failed to disclose its massive pension deficit to investors.  Faulconer says his job will be to make the city more accountable. 

Falconer:  I think there’s some very important work that we need to be doing from an audit stand point that we’re not doing right now, we’re just not. I believe this committee will be important for its oversight function. We need to move expeditiously to make sure that we have an auditor that is independent.

The audit committee will serve as a check and balance to the mayor’s office, as the city struggles to evolve a more ethical and accountable financial system.