Anchor ads are not supported on this page.

4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Is San Diego Back to Old Tricks of Publishing False Financial Information?

On Oct. 22 on this blog (see below), I published information from the San Diego Retired Employees' Association (SDCERS), a group of retired City employees. According to notes taken by a reliable amanuensis, the president of the organization told members at their Oct. 14 meeting that assets of the retirement system had plunged to $3.92 billion. (They had been above $5 billion at one point.) The assets were said to be down $859 million, but it wasn't clear from what date they were down that amount. City Attorney Mike Aguirre said today (Oct. 27) that three days after that Oct. 14 meeting, City officials certified the fiscal year 2007 Comprehensive Annual Financial Report (CAFR), using an outdated pension asset value of $4.32 billion. Importantly, the City hopes to sell new water municipal bonds. Under questioning from Aguirre, the City's outside bond disclosure counsel said that the matter "may be troublesome." He said that the new information should be made public at this time, particularly since the Securities and Exchange Commission has sharply criticized the City for past inaccuracies in bond filings. Revealing the new, lower figure may be prudent. Investors may need the information. I emailed the report of the retirees' Oct. 14 session to SDCERS on Oct. 21, requesting comment. That evening, SDCERS said it could not validate the $3.92 billion number because the investment staff was unavailable and SDCERS could not reach the president of the retirees' group. I then posted the $3.92 billion figure, having reason to believe that it was accurate.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

The vicious cycle of Escondido's abandoned buildings

City staff blames owners for raising rents

On Oct. 22 on this blog (see below), I published information from the San Diego Retired Employees' Association (SDCERS), a group of retired City employees. According to notes taken by a reliable amanuensis, the president of the organization told members at their Oct. 14 meeting that assets of the retirement system had plunged to $3.92 billion. (They had been above $5 billion at one point.) The assets were said to be down $859 million, but it wasn't clear from what date they were down that amount. City Attorney Mike Aguirre said today (Oct. 27) that three days after that Oct. 14 meeting, City officials certified the fiscal year 2007 Comprehensive Annual Financial Report (CAFR), using an outdated pension asset value of $4.32 billion. Importantly, the City hopes to sell new water municipal bonds. Under questioning from Aguirre, the City's outside bond disclosure counsel said that the matter "may be troublesome." He said that the new information should be made public at this time, particularly since the Securities and Exchange Commission has sharply criticized the City for past inaccuracies in bond filings. Revealing the new, lower figure may be prudent. Investors may need the information. I emailed the report of the retirees' Oct. 14 session to SDCERS on Oct. 21, requesting comment. That evening, SDCERS said it could not validate the $3.92 billion number because the investment staff was unavailable and SDCERS could not reach the president of the retirees' group. I then posted the $3.92 billion figure, having reason to believe that it was accurate.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Previous article

Three Former City Officials Charged by SEC with Fraud Are Receiving Generous City Pensions

Next Article

KPMG reports that the City's internal controls stink

Frye bugged Sanders burro-crats for internal-controls report
Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox Movies@Home — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close

Anchor ads are not supported on this page.

This Week’s Reader This Week’s Reader