By: Libi Uremovic | Original Article at patch.com
The $25,000 Financial Analysis of City Funds that has been five months in the making has been released: http://www.ci.beaumont.ca.us/documentcenter/view/24408
The document is 8 pages long and summarizes what we already knew:
The General Fund operates in the Red and has to borrow from other Funds.
The Interest Rate on the WRCOG is $8,000/day, not $100/day.
The $21.5 IOU from RDA is a fantasy.
The City doesn’t have any long-range projections.
And as Aylward said; the document doesn’t even acknowledge the $100 Million + that it’s going to cost to repair the City’s sewer lines and make the Facility Title 22 Complaint.
Now we know why the Auditors wanted the $35,000 for the Internal Controls Report before they released this $25,000 piece of nothing