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Public commenter urges fiscal committee to codify policy reviews, warns ACFR delays harm credit transparency
Summary
Kevin Keogh told the committee the city's audited comprehensive financial report (ACFR) routinely takes more than 16 months to publish and urged the committee to codify annual calendar items for debt, investment and reserve-policy review and to make ACFR timeliness a fiscal-committee responsibility.
During public comment, Kevin Keogh urged the fiscal committee to adopt a formal annual calendar item to review and reauthorize the city's debt, investment and reserve policies and to institute an oversight mechanism for the timeliness of the annual comprehensive financial report (ACFR).
Keogh told the committee the city's ACFR is "routinely taking over 16 months after the close of the year to be published," and warned that such delays "severely diminish the practical utility" of audited figures for budgeting and risk undermining market trust and continuing-disclosure expectations from bondholders and rating agencies. He asked the committee to codify regular reviews and to make ACFR completion timeliness an explicit committee responsibility so the city meets disclosure expectations.
The chair thanked Keogh for the input and asked staff to route follow-up questions through the controller's office. Committee members acknowledged the concern and signaled they would discuss formalizing review timing as part of future agendas.
