This is from Mayor Jerry Sanders:

I am pleased to announce that the City of San Diego has received an unqualified FY06 audit opinion letter from the accounting firm of Macias Gini & O'Connell LLP.
 
I will now concurrently submit the audited financial statements to the City Council and notify the three Wall Street credit rating agencies of the document's completion. While only Standard & Poor's has suspended the City's rating, I will ask all three agencies to reconsider the City's current rating.  Once the City's ratings have been reinstated, we will return to the public bond markets to finance critical infrastructure projects at more attractive rates for taxpayers.

In the meantime, the City has some critical financing needs, including money for streets and road repair, that we will look to the private markets to help us address. All of the offerings, we will be able to refinance in the public markets, assuming the interest rates are more attractive at the time than the very attractive rates we are obtaining now in the private markets.
 
I can't emphasize enough the significanse of this achievement. Prior to my taking office, the City had not issued audited financial statements for three years running. This is now the fourth set of audited financials the City has issued in one year under my leadership. The release of the FY07 and FY08 audited financials are planned before the end of the 2008 calendar year.
 
The release of this fourth audit today, along with the successful implementation of 76% of the Kroll recommendations on tighter financial controls and the agreement with the SEC is proof that the City is making great strides toward regaining the confidence of the financial markets and the public.
 
I will now ask the Audit Committee to begin their review of the audited financial statements -- and as soon as the Yellow Book and Single Audit documents are delivered - to review and forward the entire package to the City Council.