City Council Discusses Pension Problems
Council To Meet Behind Closed Doors
POSTED: 9:48 am PDT September 20,
2004
UPDATED: 10:11 am PDT September 20,
2004
SAN DIEGO -- The San Diego City Council huddles behind closed doors with its attorneys Monday to discuss federal probes into whether it hid damaging financial information from investors and the public.The meeting comes four days after a law firm that San Diego retained to investigate its pension fund said city officials repeatedly failed to recognize the depth of the fund's troubles.The 268-page report by Vinson and Elkins found San Diego officials, "adopted a minimalist approach to public disclosure, providing the public with negative information only when it has felt legally required to do so."
Auditors said there was a loss of accountability and that some of the financial data used to make critical decisions was wrong.However, the report did not uncover any evidence of criminal wrongdoing.
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Previous Stories:
- September 15, 2004: Recommendations Made To Fix Ailing Pension Fund
- July 7, 2004: Mayor Outlines Plan To Fill Pension-Fund Gap
- April 20, 2004: Millions Needed To 'Stop The Bleeding' Of Pension Fund
- March 30, 2004: County's Pension Fund Deficit Growing
- February 12, 2004: City Pension Funds Pose Fiscal Problem
- February 12, 2003: Report: City May Not Be Able To Pay Pensions
Copyright 2004 by TheSanDiegoChannel.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
