By: Libi Uremovic| Original Article at Patch.com
One of the reasons it’s important to receive the Financial Statements in a Timely Manner is to ensure the City is paying in their Employees’ CALPERS.
The 2012 Audit revealed that the City has not paid in any CALPERS for the entire year, bringing their Unfunded Liability to $4,970,358.
GAAP Audit FYE 2013 shows that the City had paid down some of the debt and the CALPERS Unfunded Liability was $4,445,473 as of June 30, 2013.
But the City received two Mello Roos bonds in fiscal year 2013 to supplement their income. January, 2015 Check Warrants show the City paying CALPERS for the week of November 20th.
The City Staff and Mayor Knight stated that the Auditing Firm of Moss Levy Hartzheim were already hired and had already performed the Field Audit in November. If this was true the Financial Statements which include a GAAP Audit, Internal Controls Report, and Managers’ Report would have been presented to Council in December.
It is the job of Council to protect their Citizenry and Line Workers. With the City hundreds of millions in debt; most employees will only see a fraction of their retirement. But if the money is never paid into CALPERS that fraction is going to be even less.