San Diego’s financial health has improved dramatically over the past decade, recovering from a pension crisis and fiscal mismanagement that brought the city close to bankruptcy, according to a report from the city auditor Thursday.
City Auditor Eduardo Luna said after fiscal reforms, San Diego’s ability to finance services was one of the best among similarly-sized cities: Philadelphia, Phoenix, San Antonia, Dallas, San Jose and Austin.
“Our results suggest that the city is in a strong position to finance its services on a continuing basis and poised to meet the demands of natural growth, decline and change,” the audit said.
The city was one of the best in the seven-city group for eight years between 2005 and 2014, scoring double the next-highest city for the last three fiscal years, according to the audit.
Luna pointed to the city’s creation of a general fund reserve policy, implementation of more rigorous expenditure monitoring and a move to stronger mayoral control as reasons for the improvement.