City of Beaumont Audit
Revenue is calculated by totaling funds received through taxes, fines, loans, & grants. I have audited the revenue for the City of Beaumont. The total revenue for the City varies depending on the source:
General Fund Bank Statements - $61,242,041.61
General Fund Deposits for July 2011 through June 2012 total $61.2 Million. Even without the Bond Debt, the City revenue was over $40 Million last year.

General Ledger - $62,367,493.55.
The General Ledger has $1.25 Million more in deposits recorded than the Bank. Traditionally the largest deposits of the day are recorded first, but in August, 2011 the Bank changed their statements to list the smallest deposits first in the hopes that someone in the City would notice the discrepancy in deposits.

Basic procedure for the City would be to record the money and deposit the funds, but the General Ledger shows that the deposit entries are made weeks after the money is deposited. Not one day of the general ledger matched the bank records.

Financial Transaction Report - $41,530,704
The City has declared on the Consolidated Statement of Revenue that Total Revenues for the year 2011-2012 were $19.7 Million less than the Bank Statement totals. The Financial Transaction Report is a State mandated document issued by the Office of the City Clerk verifying financial transactions.

2012-2013 Annual Budget - $28,009,000

Page 8 of the 2012-2013 Budget shows the Projected Revenue for 201-2012 is listed at $28 Million. This amount is $13.5 Million less than declared on the Financial Transaction Report and $33.2 Million less than the Bank Statements.

2011-2012 GAAP Audit – Unknown

 The City of Beaumont has stated the GAAP Audit for 2011-2012 “ Is not available”.

Now we know how much money came in and we know that $15 Million went to pay off Bond Debt....

…. but where did the rest of the money go?



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Contact: libi@libionline.netCity of Beaumont Audit