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With the city of San Diego’s 2003 audit finally in hand, the accounts inspecting the remaining overdue audits said today it is likely that the subsequent four years’ worth of audits would be certified by the end of the year.
Speaking to the city’s Audit Committee, James Godsey, a partner with Macias Gini & O’Connell, called finishing the city’s 2004 through 2007 audits by December “doable.” The prediction comes days after KPMG finished its audit of the 2003 books Friday after more than three years of holdups. Godsey projected that the next immediate audit, for the 2004 fiscal year, would be ready within 45 days.
Jay Goldstone, the city’s chief financial officer, said he thought the firm’s projection could be too aggressive, but said he was hopeful.
The city cannot borrow on the public markets, where loans for big-ticket projects are less expensive, until Wall Street’s ratings agencies upgrade the city’s financial standing. The ratings houses are waiting for San Diego to get its annual financial statements audited.