After 33 years in government service, 28 of them with the City of Foster City, Finance Director Ricardo Santiago will retire on December 30, 2009.

Santiago was hired as Assistant Finance Director in 1982 and has led Foster City’s Financial Services Department since 1986 when he was promoted to Finance Director. During his tenure as Finance Director he provided strong leadership and direction to the Financial Services Department, ensuring that Foster City maintained healthy reserves, received clean audit reports, and remained in compliance with all recognized government accounting standards.

Under Mr. Santiago’s leadership, the Financial Services Department has received the Governmental Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting every year since Fiscal Year 1992/1993 and the California Society of Municipal Financial Officers’ Outstanding Financial Reporting award every year since Fiscal Year 1991/1992.

As he looked back on all of his many accomplishments in Foster City, Santiago identified two of his proudest moments. The first was his involvement in the City’s acquisition of property in the Vintage Park area of Foster City for $5 million which was later sold for $35 million. The proceeds of that sale were used to construct the current City Hall without debt. He took pride in handling the City’s investment portfolio and is very pleased at not having lost a penny. “I have been very proud to be a part of maintaining Foster City’s fiscal stability despite fluctuations in the economy,” said Santiago.

City Manager Jim Hardy expressed high praise for the accomplishments of Santiago and his Financial Services Department team, “Ricardo’s leadership of Foster City’s Financial Services Department has been a key to Foster City’s continued financial security. I wish him all the best on his well-deserved retirement.”

Upon retirement, Ricardo is looking forward to completing projects around his house, traveling to his native Philippines, working as an investment consultant for public agencies and offering his services as a volunteer with his church and the San Francisco Airport.