The city of Inglewood and the Inglewood Housing Authority were audited by the firm of Lance, Soll, and Lunghard LLP which will be discussed at the July 19 regular city council meeting. The audit covered the City’s basic financial statements for FY 2020-2021. With assets totalling $567 million, liabilities at $610 million, and deferred pension costs of $88 million the City’s net position is negative $100 million as of Sept. 30, 2021.
The audit doesn’t include their professional opinion on the effectiveness of the City’s internal controls over the taxpayers money.
The auditor’s know what we know which is the City is in some serious financial straits. They have yet to come to an agreement with the police union and other unions were told raises aren’t on the menu.
The City is preparing to charge residents even more for trash pickup services because they will reduce the window span of trash pickup and street sweeping from 8:00 a.m. to 3:00 p.m. to 7:00 a.m. to 1:00 p.m.
The audit details all of the loans still outstanding on housing developments going back to 2004. (view)
It highlights inter-fund borrowing to cover deficit cash balances at year end.
The audit details the City received $14 million from Murphy’s Bowl LLC for acquisition of parcels (eminent domain) for the basketball arena. The City reports having $12 million on deposit. (view)
Pension liability has grown to $467 million. (view) and the City continues to issue contracts to outside vendors to perform jobs typically filled by union employees.
The City has outsourced parking enforcement, tree trimming, street sweeping, plan check services, and performing background checks for employment and it doesn’t appear to have caused a dent in the city’s expenditures.
Taxpayers are still on the hook for outrageous legal fees and forthcoming settlements directly tied to the mayor and council for agreeing to cover those costs.
Tune in to the city council meeting Tuesday, July 19 at 2:00 p.m. The City will air the meeting on Facebook and Spectrum and you can attend in person at the Main Library Lecture Hall and via telephone.
Despite the council sitting shoulder to shoulder during meetings, with no one wearing masks, and with the council members resuming activities they continue to shut residents out of city hall and council chambers.
Besides trimming the City’s unionized workforce, delaying raises, destroying morale, and adding more debt to the taxpayers, how has this council improved its financial condition in the last 12 years? Voters will answer those questions when they go to the polls November 8 to elect their mayor and council members for Districts 1 and 2.
Can George Dotson (District 1) hang on that long?
Read the full audit here.
