Del Mar fares better than most in financial reporting, auditor says

By Claire Harlin

The City of Del Mar passed its financial audit with flying colors and no deficiencies, an analyst reported to the City Council on Feb. 4, which she said is rare considering most of her clients have at least two or three strikes against them.

The audit, conducted by Mayer Hoffman McCann, P.C. (MHM), was commissioned by the city to examine financial statements and notes for the fiscal year ending in June 2012 and offer comprehensive analysis on the city’s financial reporting and compliance.

MHM found no misstatements, improper use of restricted funds or deficiencies that could be considered material weaknesses. Further, an MHM auditor told the council that the city could actually operate under more debt if it needed to.

The city contracted with MHM for three years to annually evaluate fiscal years 2009, 2010 and 2011, and it extended the contract to perform an audit of 2012. The recent report was one of two optional extensions.