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March 22, 2011

Auditor says Victorville near insolvency

"VICTORVILLE - Ongoing losses, net asset deficiencies in major funds and a lack of liquidity has put this city on the brink of insolvency, an auditor has determined.

Auditing firm Mayer Hoffman McCann said in its comprehensive audit released last week that "substantial doubt exists about the city's ability to continue as a going concern." A going concern refers to a business that operates without the threat of liquidation for at least 12 months.

For months, the Securities and Exchange Commission has been investigating the city's bond sales. The probe remains ongoing. And for the last two years, the Grand Jury has been investigating the city's finances."

Read more here.

March 22, 2011 in Current Affairs | Permalink

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