Beaumont Negative $28 Million General Fund Balance

With a General Fund Revenue of $16 Million; Beaumont claimed a total Revenue of $183,967,387.06 and total Expenses of $193,076,443.29.

In an effort to meet the Securities and Exchange Continuing Disclosure deadline of December 31st to upload their Annual Financial Statements; the City of Beaumont has uploaded its 2018 Consolidated Balance Sheet and Income Statement.

The Consolidated Balance Sheet has listed ‘Claim on Cash’ as a negative balance of -$28,961,354.15.

In Fiscal 2018 the City of Beaumont, with a General Fund Revenue of $16 Million, claimed a total Revenue of $183,967,387.06 and total Expenses of $193,076,443.29. Every year since 2002 the City has spent $6 Million to $12 Million more than they collected in Revenue.

And where is that 2018 Audit that The Pun Group was to have completed by the end of December?

Read City of Beaumont 2018 Balance Sheet here: https://emma.msrb.org/ES122561…

Read City of Beaumont Income Statement here: https://emma.msrb.org/ES122561…

Source:

Libi Uremovic – patch.com

Relevant Issues

A Clear Conflict of Interest
The City of Beaumont's contract with Urban Logic presents a significant conflict of interest and therefore must be terminated.
Favoritism and Cronyism
The City of Beaumont, under Urban Logic and City Manager Alan Kapanicas, has consistently demonstrated favoritism and cronyism in the awarding of pubic contracts.
Cost to Taxpayers
Urban Logic's contract with The City of Beaumont which allows it to profit from each approved development, along with their on-going practice of awarding high-dollar public contracts to a small group of friends and associates instead of to the lowest bidder, have cost Beaumont taxpayers millions.
Impact on Existing Businesses
The policies of Urban Logic and City Manager Alan Kapanicas ignore the needs of existing businesses in favor of new development and big box stores.
Quality of Life
Urban Logic and City Manager Alan Kapanicas have damaged our quality of life by failing to uphold high development standards, depleting local resources, making local government less accessible to residents, and by destroying the small town feel of the City of Beaumont.
Tactics
Urban Logic protects its ability to extract money from the City of Beaumont at all costs, resorting to intimidation and threats when necessary.