When voiceofsandiego.org first began just less than two years ago, everyone at City Hall was talking about the need to quickly get the audits out. I’ve aged considerably in that time. And the audits still aren’t done.

But a source told us today that the audit is expected to be rolled out by Mayor Jerry Sanders at a press conference Friday.

The completion of the audit would mark a major milestone. The city has spent tens of millions of dollars on consultants and investigations into wrongdoing in order to finally release its 2003 financial statement.

The statement is essentially a report on the city’s financial health and future and is used by investors and the public alike to gauge the city’s viability. Problems in the city’s financial reporting caused the delays and led a settlement with the SEC on securities fraud violations.

When the 2003 audit is completed, the 2004, 2005 and 2006 statements will also have to be finished.

The city has been unable to borrow money for vital infrastructure projects on Wall Street since 2004 because of audit issues.


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