HomeCity NewsComprehensive Report Clarifies San Marino's Current Financial Status

Comprehensive Report Clarifies San Marino’s Current Financial Status

The San Marino City Council’s initial meeting of 2018 reflected a move toward greater accountability and progress, with city staff providing information regarding the city’s financial state and a recommendation to reform a current advisory body into a Public Safety Commission.

Citizens attending the meeting entered through the doors of City Hall last Wednesday to see dozens of printouts, including copies of the city’s audited financial statements spanning three fiscal years.

The city was presented with items from City Manager Marcella Marlowe first, followed by a report from City Treasurer Annie Han, and the financial report for the month of November compiled by Interim Administrative Services Director Josh Betta.

The financial report attached within the public meeting agenda provided a wealth of information on the city’s financial stature, including that the city has maintained 106% in expenditure reserves as of June 30, 2017, or 86% using the Revenue Reserve ratio. The amount is expected to change with the fluctuation of revenue and expenditures, but the percentage represents the city’s ability to cover all expenditures completely within the fiscal year in a hypothetical emergency situation.

Please see this week’s Tribune for the full story, including takeaways on city’s financial situation with regard to “Implications for Ad Hoc Committee’s Recommendations,” “Unfurling the Unfunded Pension Liability,” and “Running Government Like a Business.”


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