Audit Deems City Financially Responsible

An outside auditor said the city is in a stable financial position thanks to foresight and responsible bookkeeping.

The biggest plus for San Ramon is that city has $453 million more in assets than liabilities, concluded San Jose-based accounting firm Mayer Hoffman McCann. The audit was performed in the first half of 2010 and presented to the City Council last week.

San Ramon has to its name $356 million in real property. Its net profit came to $23 million, the review found.

Auditors also called it a good management decision for the city to shift the bulk of its reserve money to other accounts to protect it from the state, which has in recent years raided municipal funds to fill its own budget gap. Although, there's still a chance the state could take that money, the audit cautions.

To read the letter summarizing the audit, click on the image to the right of this article.