December 10, 2020 – 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, 2018 through June 30, 2019. The City of Laguna Woods is pleased to note that it ranks 11th lowest risk in the State of California (of 453 cities assessed) with an overall score of 96.47 out of 100 points possible. The City also ranks lowest risk in the Los Angeles Region (of 128 cities assessed) and lowest risk in Orange County (of 34 cities).
“The importance of cities acting prudently and responsibly has been underscored by the economic impact of COVID-19,” said Laguna Woods Mayor Noel Hatch. “The City is gratified by the State Auditor’s recognition of our fiscal health and the work we put in to be good stewards of 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. This year, analysis was also performed to evaluate financial risks associated with COVID-19.
For more information on the Dashboard, please visit www.auditor.ca.gov.