La Mirada Named among Top Cities with Lowest Financial Risk
State Auditor Ranks La Mirada 11th in State for Fiscal Stability
California State Auditor Elaine Howle announced a new publicly available online dashboard that ranks the “fiscal health” of over 470 cities in the state. According to the data, La Mirada was ranked as having the 11th lowest risk of fiscal challenge, with a rank of 461 out of 471. The ranking relies upon analysis of 10 key indicators that assessed each city’s ability to pay its bills in both the short and long term. These indicators include liquidity, debt burden, General Fund reserves, revenue trends, pension obligations, pension funding, pension costs, future pension costs, other post-employment benefits (OPEB) obligations, and (OPEB) funding. The information was gathered from Fiscal Year 2016-17, which is the most recent complete year of financial reports available to the State Auditor.
“The City of La Mirada’s exceptional ranking reflects the City’s strong financial practices over many years,” says City Manager Jeff Boynton. “The City strives to be prudent stewards of its financial resources.”
The State Auditor’s office will use the online dashboard as part of its high-risk local government agency audit program to identify cities that could be facing fiscal challenges.
To view the online dashboard, click here.