City of Carson issued the following announcement on Dec 17.
Carson is at low risk for “financial distress,” according to the California State Auditor’s office.
The state agency recently ranked California cities by financial risk. Carson was ranked 252nd in the state, placing the City in the top 46%.
The State Auditor assessed California cities based on liquidity (having enough cash to pay its bills) a city’s debt burden versus its income, financial reserves, revenue trends, and retirement obligations.
For liquidity, Carson ranked 69 out of 471 cities.
For debt burden, Carson ranked 324 out of 471 cities.
For reserves, Carson ranked 249.
For revenue trends, Carson ranked 334th in the state.
For pension obligations, Carson ranked 118.
With most California cities facing revenue losses related to the pandemic, Carson was given a “green” rating by State Auditor showing an overall low financial risk category unlike surrounding cities and other Southern California cities that rely on entertainment and tourism industries for revenue.
Pension cost continues to be the common denominator for all local government agencies, the overall financial risk for Carson is low and that’s because of prudent spending, a fiscally conservative budget and a robust $32 million capital improvement program.
Original source can be found here.
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