Rio Neuvo is looking fairly, well broke. Their is a contract being prepared for the full audit of Rio Nuevo finances and we are hearing that full results will be available by October (just in time for the November elections).  The auditor general is going all the way back to day one . From what we understand they are REALLY looking forward to doing the audit.

Here’s some preliminary findings:

Here is a list of funds spent to date = $214,989,482.28 through 01/31/2010.  
Keep in mind that the City is required to match these expenditures dollar-for-dollar in cash of ‘projects’.  This means that OVER $400 million has been spent on Rio Nuevo. The city has until the end of the TIF (2025) to match the total TIF revenues. See – SB1003  pg 20  section D

 
So what do we have to show for it?  I call your attention to the Audited Financial Statements for 2009 (CAFR ’09) page 15 where the ‘Total Net Assets’ for Rio Nuevo = $ (1,927,188)  [no typo here; negative $1.9 million]
 
 
http://cms3.tucsonaz.gov/sites/default/files/FY10_Jan_Flow_of_Funds.pdf
 
http://www.tucsonaz.gov/finance/CAFR09.pdf