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Audit finds gaps in Mission Bay lease revenue tracking; city commits to fixes
Summary
A City Auditor performance audit of Mission Bay and San Diego Regional Park Improvement Funds found that a treasurer audit moratorium and reconciliation problems prevented full verification of FY2024 lease revenues; management agreed to five recommendations and said it is upgrading software and addressing 178 holdover leases across the city.
The City Auditor's office reported Thursday that it could not fully verify Mission Bay lease revenues for fiscal year 2024 after a management-imposed moratorium restricted the City Treasurer's lease-audit access and a backlog of unapplied payments created data gaps.
"We found that expenses were in compliance with charter requirements. And as far as revenues, we could not verify that all revenues were collected and deposited into the funds as required due to a management imposed moratorium on the city treasurer's lease revenue audits, and issues with the application of lease payments," said Andy Henow, City Auditor, as he introduced the Office of the City Auditor's performance audit.
The audit covered the distribution of adjusted Mission Bay lease revenue for FY24 under the city charter formula (first $20 million to the General Fund; 35% of the excess to the San Diego Regional Parks Improvement Fund; remainder to the Mission Bay Improvement Fund). Auditors reported roughly $37 million in adjusted Mission Bay lease revenues that year and flagged four findings: (1) the July 2024 moratorium on lease-audit access limited the City…
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