City Finances Look OK, Auditor Says

A stamp of approval on Ventura’s finances by an independent auditor should help city officials as they head into the budget process this spring.

In a routine examination by Newport Beach-based Moreland and Associates, auditors found no major problems in Ventura’s finances for the fiscal year ending last June 30.

The accounting firm pointed out, however, that the city has no procedure to monitor the status of an investment over its life. The city responded in a letter, saying it will make sure investment ratings are tracked on a monthly basis.

Councilman Ray Di Guilio said the numbers demonstrate that Ventura is fiscally responsible, even though the city spent $1.4 million more than it received in revenues. He added that the city has ample reserves--about $12 million.

Di Guilio said he wanted the audit because going over last year’s account “really is a lead-in to the budget process.”

The year was atypical for Ventura, according to Leslie Casner, interim director of management resources.

“In the past we’ve been able to generate more revenue,” Casner said. “Now we’ve had impact on sales tax revenue because of what is going on at the mall. . . . It is slowly dwindling away.” She said property tax revenue also dropped, and the general growth of the city slowed down.

But she added that the city is reducing expenditures as well: Although $62 million was budgeted for the fiscal year, the city spent only $45 million.

The budget for 1997-1998 will be developed in two phases. The capital improvements budget will go before the council in February, and the maintenance and operating budget will to the council in late March or early April. Both must be adopted by June 30.