By Susan Motander
The state auditor released a report last week that appears to declare Monrovia as one of the cities at “high risk” of financial problems. This was based on such factors as the debt levels, pension fund inadequacies, and reserve balances. According to City Manager Dylan Feik, there is a problem with the study: it is based on data that is two years out of date.
In the interim, Monrovia reorganized its debt, voted to bolster the city income to help prevent the “fiscal crisis” the state study seems to predict. Another local newspaper reported on the so-called crisis without checking with local officials. The writer of first article and then that of a subsequent editorial either was not aware of these moves or had forgotten them.
Mayor Tom Adams also wanted to remind Monrovians that when Governor Jerry Brown and the state legislature did away with redevelopment agencies, they did not provide a vehicle for the city to repay redevelopment debt for a great deal of time. When a path to refinancing this debt was established, it was done. “Monrovia now has a AA rating,” the mayor proudly claimed.
“We are in fine shape.” Feik assured Monrovians.
