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Council President Scott Peters said today that the consultants from Kroll Inc. – also known as the audit committee – will be attending either the Aug. 7 or Aug. 8 council meeting to present the findings of its nearly 18-month investigation into the city’s past financial dealings.
Uncertainty has swirled around the report’s completion date for many months, as the deadline for the report has been bee pushed back several times and the Kroll firm’s bills have expanded from $250,000 to more than $20 million. Some city officials, most notably Mayor Jerry Sanders and City Attorney Mike Aguirre, have accused Kroll of bilking the city.
The report by the Kroll audit committee, which is led by former SEC Chairman Arthur Levitt, is so heavily sought-after because auditors will not bless the city’s past financial statements without a probe into allegations of wrongdoing. Without that blessing, the city cannot return to fiscal credibility and borrow money at standard interest rates.
Check back for more on this development.