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Audits of SEDC and CCDC Due

The results of investigations into two troubled San Diego City Development Corporations are expected to be made public this week. KPBS reporter Alison St John has more.

Audits of SEDC and CCDC Due

The results of investigations into two troubled  San Diego City  Development Corporations are expected to be made public this week. KPBS reporter Alison St John has more.

The city’s audit of the South East Economic Development Corporation was to be released today, but final results have been postponed again until Wednesday.

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The audit originally began over a year ago, but produced few results till on-line media uncovered a pattern of hefty bonuses for top corporation staff.

The mayor then expanded the investigation, and city accountants discovered SEDC’s  administrative costs have gone up from 16% to 38% of spending in the last 5 years

San Diego’s downtown development corporation, CCDC, is going though a parallel scandal, involving financial conflicts of interest on the part of its President, Nancy Graham.

The CCDC board has initiated its own investigation, employing outside attorneys. That audit threatens major development projects downtown that were all set to begin and may have to be renegotiated.

Both investigations should have recommendations of  how the city can do a better job of overseeing the corporations, which manage millions of dollars of public money.

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Alison St John, KPBS news.