FOR IMMEDIATE RELEASE

Contact: Joyce Masterson, 760-839-4621

In the April 29, 2012 edition of the San Diego Union Tribune’s Watchdog  report entitled, “Certain government reserve funds overflow,” Escondido was depicted as having only $1,113,151 in general fund reserves, or approximately 2% of expenses in reserve.   That information is wrong. The correct amount is $19,295,333 in the Emergency Reserve and  $9,059,255 in the Economic development reserve, for a total of $28,354,588.

Information about Escondido’s reserves can be found on page 85 of the City of Escondido Comprehensive Annual Financial Report at http://www.escondido.org/Data/Sites/1/media/PDFs/Finance/CAFR2011.pdf

 

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