One of the fun components of reviewing annual comprehensive financial reports, which is a very time-consuming “hobby,” is when you see a trend that needs to be complimented. The ranking of Orange County’s 34 cities for the year ending June 30, 2023, was just released. When reviewing the rankings for the past seven years, there...
Of Orange County’s 34 cities in Southern California, the six with the strongest balance sheets maintained their positions in the annual fiscal rankings for the year ending June 30, 2023. However, the other 28 cities were a little more interesting. Overall, it was still a good year, with only one out of five seeing their...
As a Certified Public Accountant and Certified Financial Planner, one consistent piece of advice I would give to my clients was never to cosign on a loan. When doing so, you agree to be responsible for the debt should the original borrower miss a payment or stop paying altogether. It’s awkward. And I’ve seen sincere...
Newport-Mesa Unified School District (NMUSD) in Orange County, Calif., is considering issuing another voter-approved bond to pursue building improvements. The title of “Classroom Safety/Repair Measure” is being used in the initial phase of this exercise. And the Facilities Master Plan (FMP) is on the district’s website and invites visitors to take a prioritization survey. But...
The city of Compton wins the laggard award for Los Angeles County’s 88 cities in releasing its June 30, 2021, annual comprehensive financial report (ACFR). It was completed by its auditing firm on May 8 and presented to its city council on June 4 of this year. The customary completion date by the outside independent...
For the 12 months ending on June 30, 2022, the coronavirus lockdown by California Gov. Gavin Newsom was still in effect. His implementation of this lengthy and heavy-handed measure would be in place for another eight months. But, in March 2022, the Federal Reserve Board made the first of 11 interest rate hikes to slow...
The second fiscal year after the implementation of Gov. Gavin Newsom’s coronavirus lockdown for San Diego County’s 18 cities saw Del Mar bounce back up in fiscal rankings (see “City of San Diego Fell Behind $191 Million in First Year of Pandemic,” May 15, 2024). The fiscal year ending June 30, 2021, also saw the...
“With California’s very late publication last month, all 50 states have now produced audited financial reports for their 2022 fiscal year,” writes Cato’s Marc Joffe. The news for California is not good: despite the nation’s highest marginal income tax rate and punishing business taxes and fees, the Golden State ranks 43 in financial health. Joffe...
The California State Controller released the audit of California’s financial statements, performed by the State Auditor for the year ending June 30, 2022, on March 15. The annual comprehensive financial report should have been issued some 15 months sooner. Looking at the document, we are immediately informed on the first page of the Report Overview...
When it comes to the reporting of the accounting of our 50 states, two main concerns can be observed. The first is the delinquency rate of several states. For the fiscal year June 30, 2022, 20 states released their audited financial statements within six months. There are four states that deviate from the norm, with...
The state of California has 58 counties and 482 cities. To provide manageable fiscal rankings, I’ve divided the state into eight regions, closely following the districts established by Caltrans. The Bay Area, Caltrans District 4, has 101 cities. The rankings for 2020 are compared to those of 2019 in the graph below. For an explanation...
Having served on the California State Senate Budget and Fiscal Review Committee during my six years in Sacramento, I was recently challenged to take a closer look at Gov. Gavin Newsom’s proposed budget. I started with his Jan. 10, 2024, budget message to the members of the California State Legislature. I was not amused. It...