CITY AUDIT RESULTS TO BE RATIFIED WEDNESDAY
This last minute agenda item was posted Monday 3-17 by City Hall. Hope you are good at math and law if you want to understand this..
Unless you are a CPA you might not be able to make heads or tails out of this audit report but one fact is glaring. The RDA that was outlawed has left Imperial Beach with and incredibly high bond debt. READ-EM AND WEEP. Tax revenue that could be used for public services in the future will have to be diverted to pay off this bond debt and interest. Does $74 million sound right?
While I applaud this information being made public.....it is doubtful that 48 hours would allow the average citizen time for analysis or comment....if they even understand it. It does appear that some funds were held in common by both the City and RDA. Maybe someone with a professional accounting back round would
like to weigh in.