San Diego council to consider finance recommendations
By: North County Times wire services | ∞
SAN DIEGO - The City Council will consider a series of reforms Wednesday recommended by the consulting firm Kroll Inc. in its recently completed investigation into San Diego's finances.
The New York City-based risk management firm was paid more than $20 million for its review on the causes of the city's $1.4 billion pension deficit and alleged failure to properly disclose the scope of the debt to Wall Street.
San Diego's finances are the subject of an ongoing investigation by the Securities and Exchange Commission and U.S. Attorney's Office.
Kroll's 266-page report called on the city implement 121 various reforms, including the appointment of an autonomous monitor to oversee the city's budgetary, finance and reporting practices.
The proposals also include changing the structure of the pension board, strengthening the role of the city's chief financial officer, creating an audit committee and hiring an auditor general.
All of Kroll's recommendations were endorsed by Mayor Jerry Sanders soon after being presented to the council on Aug. 8.
Sanders hopes to implement Kroll's recommendations within 30 months.
But City Attorney Michael Aguirre has cautioned the council against hastily adopting Kroll's recommendations and said some of the suggestions in the report will require changes to the city charter.
Aguirre has also expressed opposition to the appointment of an independent monitor, a role he says the city attorney should fill.
A report by the City Attorney's Office last week recommends that the council only implement the proposals when legal requirements are met and the city is in compliance with expected SEC remediation measures.
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