The City of Indian Wells is helping to lead the way when it comes to fostering fiscal good health, having just garnered a fourth place ranking for financial soundness among all 482 cities in California.
California State Senator John Moorlach of Costa Mesa released this week the first edition of his new report, "Senator John Moorlach Ranks California's 482 Cities for Financial Soundness." The report studies the audited finances of the state's 482 cities, examining each city's Comprehensive Annual Financial Report, and the per-capita share for a city's Unrestricted Net Position, or UNP.
"We are very pleased by this outstanding ranking, because it validates and acknowledges the responsible financial leadership of our City," said Kimberly Muzik, Mayor. "As noted in our most recent State of the City address, many cities are struggling with unfunded liabilities and will be challenged with this in the future, while Indian Wells has paid off its unfunded liability in order to optimize its financial good health."
As to why the statewide ranking project was undertaken, State Senator Moorlach explains: "In the California Senate I carried some eight public employee pension reform measures in 2017 alone. And did the cities come to testify in support? No. And, are they now highly concerned about their predicament? Yes." Moorlach is the only trained CPA in the California Senate.
The new statewide report was released on March 14, 2018 and may be viewed here.