The city ranked 67th in unassigned General Fund balance, essentially its rainy-day or emergency fund, according to the report.
In change in General Fund balance, or the extent to which the fund is increasing or decreasing, Burbank ranked 58th. The city's General Fund balance dropped $14.3 million to $85.5 million at the end of fiscal year 2011-12 when compared to the beginning, the report said.
The city fared better in terms of its ratio of assets to liabilities and change in net assets from the beginning of the year to the end. In both categories, Burbank ranked 40th. The city increased its net assets by nearly $106 million between the beginning of fiscal year 2011-12 and the end.
City officials said this week they were disappointed in the lack of depth of the report.
“What it was showing is not the Burbank I know,” Mayor Emily Gabel-Luddy said Monday.
In May, Burbank received a “AAA” credit rating — the highest rating possible — from Wall Street's biggest credit rating firm, Standard & Poor's, which officials said was a better indicator of the city's financial stability. The firm had cited the city's “strong local economy and steady tax-base growth.”
Assistant City Manager Justin Hess said that the city is maintaining its reserves, paying down its pension liability and generating a diverse set of revenues, factors which the report doesn't touch upon.
“I don't think it gives an accurate representation of the city's true financial health,” Hess said. “We're positioned fairly well.”
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