Beaumont Plugs $313 Million in Assets to Forge 2015 Financials

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City of Beaumont Plugs Assets to Forge 2014/2015 Financial Statements

For 20 years the City of Beaumont has forged their Financial Statements; creating Assets to counteract all the Liabilities.

The Big Three Forged Assets are the $216 Million Investment in CFD Bonds; $75 Million Machinery and Equipment and; $21.5 Million IOU from the Redevelopment Agency to the City of Beaumont.

$216,046,829.52 INVESTMENT IN CFD BONDS:
Who owns Beaumont’s Mello Roos Bonds or if the Bonds were ever sold is still an unanswered question; but the CFD District does not own the Bonds. The ‘District’, which is a Joint Powers Authority comprised of the City and the RDA, never had money to purchase the bonds.

$75,666,679.41 SEWER MACHINERY AND EQUIPMENT:
When asked to provide Invoices for $75 Million in machinery and equipment purchases former Finance Director released the General Ledger and Bond Fund Accounts showing that all the money was funneled to Urban Logic Consultants.

$21,500,000 IOU FROM THE REDEVELOPMENT AGENCY TO THE CITY OF BEAUMONT:
This is a forged number that appeared on the Financial Statements in 2012. The City has been running a negative Deficit for years, it has never had money to loan.

The above forged Assets total $313 Million. The City of Beaumont has acquired over $313 Million in Mello Roos Bonds to build infrastructure. If the City had not wasted/embezzled all the money they have a Recycled Water Facility, Fire Stations, Police and Fire Vehicles, and Roads to claim as Assets.

Last Month Judy Bingham hand delivered a package to the Office of VAN LANT & FANKHANEL, LLP, the Auditing Firm that was hired 10 months ago to Audit the Financial Statements for Fiscal Year Ending June 30, 2015 because, according to the City Treasurer Nancy Carroll and Councilman Lloyd White “They are the only Auditing Firm available.”

There is no Office of VAN LANT & FANKHANEL, LLP.

The address given was a home address and nobody was home in the middle of the day. There was no sign indicating a business was present.

Attend the Beaumont phony Finance Committee today at 6:00 pm if you want to see the proceedings because the Finance Committee refuse to record their Meetings.