Webb and Associates’ CFD Report that the Construction Fund was Drained is Incorrect.
Webb and Associates was paid to prepare a Report on the Mello Roos Development Areas and their Bond Debt including the Balances in the Bond Fund Accounts.
The glaring error was on Fairway Canyon Area 19C’s 2013 Series A Bond Construction Fund. Webb and Associates listed the remaining balance as $0.00, when in fact there is $4.4 Million remaining in the Bond Fund Account as of September 30, 2016.
The $4.4 Million in the 2013 Series A Bond Fund Account is the largest collection of money the City has in any of the Accounts, so it is an oddity that it was overlooked.
Whether intentional or accidental; Webb and Associates submitted the document with a material misstatement.
The Finance Director should know the amounts in the Bond Fund Accounts. The City Treasurershould know the amounts in the Bond Fund Accounts. The City Manager should know the amounts in the Bond Fund Accounts. The Council should know the amounts in the Bond Fund Accounts.
Everyone works so hard and they do such a good job – or so they keep telling us.