It takes hours to read an Audit, but Beaumont will Not Release it’s Audit before the Meeting.
City of Beaumont Finance and Audit Committee Meeting Agenda
Regular Session 6:00 PM
550 E 6th Street, Beaumont, Ca
Monday, June 4, 2018
Item 2: City of Beaumont Draft Audited Financial Statements for the Fiscal Year June 30, 2017, *Draft Audit attachment forthcoming*
The Staff Report states: “The City of Beaumont undergoes a financial audit which is required by the State Controllers’ Office.”
Financial Audit are also a Federal requirement when a City has Bond Debt. On all of Beaumont’s Bonds there is a disclaimer that the City failed to submit their Financial Statements by the Federal Deadline
The Staff Report also states: “… in compliance with GASB 34.”
GASB 34 was issued in June, 1999. GASB 34 is almost 20 years old. Only Beaumont pats itself on the back for complying with laws two decades old.
Item 3: Sewer Budget Revision. More money just magically keeps appearing in the Sewer Fund. It’s like magic. This will be the second magic money to appear in the Sewer Fund. And it’s magic, not that the City is forging their Sewer Revenue to get Bond Debt, it’s magic.
That’s how accounting works; there’s a set number of sewer connections x sewer rates = magic money.
Item 3: https://beaumont.civicweb.net/document/13934/Item%203.pdf?handle=E24F1AB1D6C64075865011B035C93626
Item 4: Financial Reports for March and April. The City has yet to release a Financial Report for June 2017 or June 2018, but on the Agenda is 10 Financial Reports for March and April: https://beaumont.civicweb.net/…
Read Full Agenda Here: https://beaumont.civicweb.net/…