San Diego City Council To Receive Audit On City's Financial Condition
The San Diego City Council Tuesday will be presented an audit of the city's financial condition.
Data indicate "consistent positive financial health" from fiscal years 2012 through 2016, according to a city staff report.
The report ranked San Diego as first or second best each year among six other cities of comparable populations, including Philadelphia; Phoenix; San Antonio; San Jose, Calif.; and Austin, Texas.
San Diego's revenue and debt coverage ratios were strong in 2016, according to the report.
The city's short-run financial position, liquidity and net change in capital assets value ratios didn't fare so well, ranked fourth and fifth by the audit, respectively.
Auditors recommend closer monitoring of city liquidity, solvency and net change in capital assets value.
Still, the trend from 2007 to 2016 was positive for all the city's financial ratios, according to the report.