August 30, 2021 – The California State Auditor’s Office has released updated data for its High-Risk Local Government Agency Audit Program’s Interactive Dashboard. The Interactive Dashboard ranks cities based on detailed information about their fiscal health. The rankings are a part of the State Auditor’s Office’s process for determining whether a city is at risk of fiscal distress.
The recently released data covers the fiscal year from July 1, 2019 through June 30, 2020. The City of Laguna Woods is pleased to note that its rank rose one position from the fiscal year prior, making the City now the 10th lowest risk in the State of California (of 423 cities assessed) with an overall score of 95.74 out of 100 points possible. The City also ranks lowest risk in the Los Angeles Region (of 125 cities assessed) and lowest risk in Orange County (of 34 cities).
“Cities have an obligation to ensure that their finances allow critical services like road maintenance, law enforcement, and building safety to continue uninterrupted,” said Laguna Woods Mayor Shari L. Horne. “In Laguna Woods, the City Council and City staff take that responsibility seriously. The State Auditor’s findings validate the success of the City’s efforts to prudently and effectively manage public funds.”
In developing the Interactive Dashboard, the State Auditor’s Office considers 10 financial indicators that are intended “to assess each city’s ability to pay its bills in both the short and long term.” The indicators are general fund reserves, debt burden, liquidity, revenue trends, pension obligations, pension funding, pension costs, future pension costs, other post-employment benefits (OPEB) obligations, and OPEB funding.
For more information on the Dashboard, please visit www.auditor.ca.gov.