The city of San Diego’s long-overdue 2004 audit is complete, Mayor Jerry Sanders said today, marking another milestone in the municipal government’s journey back to the public bond markets that have shunned the city for the last two-and-a-half years.
Auditing concern Macias Gini & O’Connell’s release of the 2004 audit comes about two-and-a-half months after KPMG wrapped up its certification of the 2003 fiscal year’s statements. The long delays surrounding the city’s audit has been a major factor in the city’s financial ills.
The city’s financial advisers said they hope to regain their suspended credit rating and return the public markets — where they can borrow money for capital projects — by the end of the summer.
Mayor Jerry Sanders plans to make the announcement at an afternoon press conference today. Check back later for more.