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City Manager Reassures Residents: ‘Monrovia Is Not At Risk’ Financially
Monrovia Weekly Oct 31, 2019
The intersection of Fair Oaks Avenue and Glenarm Street. | Photo courtesy of Google Maps
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BySusan 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 According to City Manager Dylan Feik, there is a problem with the study: it is based on data that is two years out of date.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 statestudy seems to predict. Another local newspaper reported on the so-calledcrisis without checking with local officials. The writer of first articleand then that of a subsequent editorial either was not aware of these moves orhad forgotten them.
Mayor Tom Adams also wanted to remind Monroviansthat when Governor Jerry Brown and the state legislature did away withredevelopment agencies, they did not provide a vehicle for the city to repayredevelopment debt for a great deal of time. When a path to refinancingthis debt was established, it was done. “Monrovia now has a AA rating,”the mayor proudly claimed.
“We are in fine shape.” Feik assured Monrovians.
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