SAN DIEGO
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Some “key open items” remain for auditors who have been working for nearly three years on San Diego's much-delayed 2003 financial statements, but city officials expressed frustration yesterday when new issues were raised.
KPMG, one of the nation's largest accounting firms, called for minutes from two years of pension board meetings and said changes in the housing commission's financial statements would require updates to the documents the city has submitted to auditors.
The committee held a special meeting after tensions arose last week when city officials dismissed a KPMG estimate that the audit could be completed by 0Feb. 16. That date has now been dropped and no new one has been offered.
The city lacks audited financials for 2003-06. Without the documents, San Diego's credit ratings have fallen sharply or been suspended, and the city has been unable to obtain favorable rates on the municipal bond market.
