There’s $5 Million Missing and the Prepayment Accounts are Not Listed at all. Is this Why the City is Hiding the Bond Fund Accounts?
Beaumont City Council October 4, 2016, Agenda item 2 CFD Report: http://www.ci.beaumont.ca.us/DocumentCenter/View/28401
Another report from Webb and Associates.What a coincidence that Webb has produced a report on the money in the CFD bond fund accounts right after the city Staff and Council hid all the bond fund accounts.
How did Webb and Associates come up with the numbers when the city refuses to release the bond fund accounts?
And how many Councilmen have verified this information?
And what about the City Treasurer that is supposed to be counting the money – did Nancy Carroll verify the money was in the Bond Fund Accounts?
I do not EVER want to hear another member of this Staff or Council use the words ‘transparency’ or ‘accountability’ again.
Where is the backup to verify the numbers – which would be the bond fund accounts?
And where are the Prepayment Accounts?
The City has collected over $3 Million in Mello Roos Prepayments, but has stolen all of the money.
The Question is: how did Webb and Associates know not to include the Prepayment Accounts if they were not given direction by Council to commit fraud.
The Report also says that the 2013 Series A Construction Bond Fund Account empty, but it had $4.4 Million in the Account.
Where is that $4.4 Million that the Citizens of Area 19C are paying for?
Who did Council give the money to – or do they even know or care that the Account was drained?
All of the Cash Flow Management Accounts are also not included on the Report and other Accounts are missing.
There’s $5 Million missing from the Report, but I’m sure that I’ll we’ll hear is how hard everyone worked and what a great job everyone is doing.
The Prepayment Fund Accounts are not on the report at all. The City has collected millions in Mello Roos Prepayments, but all the money is gone and the City refuses to even admit how many millions were collected. We know it was over $3 Million.
Below are the Bond Fund Accounts that are either missing from the Report or are worth noting because the money is gone.
1994 Series A
Redemption Fund $1,966.33
2007 Series A
Prepayment Fund $2,746.14
Redemption Fund $1,724.38
2007 Series C
Residual Account $43,575.12
Prepayment Accounts $3,189.39
2012 Series B
Cash Flow Management Fund $51,657.83
2012 Series C
Cash Flow Management Fund $51,309.38
Construction Funds had $30,000, but Report says $0.00
2013 Series A
Revenue Fund $11,734.84
Construction Fund $4,408,856.28 – report says $0.00
2013 Series B
Residual Funds $48,000 – Report says $241