City of Beaumont Audit
 The term 'Reserves' means that a company/agency has a sum of money separated from the money that is used to fund the activities of the business/agency. Reserves do not included monies in the General Fund or 'investments' where the money has no liquidity. Although not a requirement; prudent company/agency would have a large enough amount in reserves to cover daily operations for a few months.

The City of Beaumont should also have a manditory amount of reserves exclusively for bond debt. Older bonds list the reserve amount at 10% of bond amount, but recent bond purchases by the City list slightly less.

Page 27 of Bond 2009 SERIES B (IMPROVEMENT 8D & 17B) list the reserve fund requirement at $264,000 or 10% of the $2,640,000 bond. However, the last few bond reserves amounts are slightly less than 10%.

2012 SERIES C (IMPROVEMENT NO. 7B & 7C) Bond is $3,655,000 with a reserve requirement of $333,279.09 or 9.1 %.

2013 SERIES A (IMPROVEMENT NO. 19C) Bond is $8,810,000 with reserve requirement of $708,883.76 or 8%.

2013 SERIES B (IMPROVEMENT 17A) Bond is $10,875,000 with a reserve requirement of $854,500 or 7.8%.

The City of Beaumont should have a Mandatory Reserve Fund Balance of at least $25 Million, so where is it?

I have repeatedly requested statements from all financial institutions and we have had a very public discussion on the meaning of 'all financial institutions'. The City has only produced one (1) reserve fund – the California LAIF Account which has a total of $1.8 Million.

Page 36, Cash and Investments Note 4 in the 2011 GAAP Audit lists the City of Beaumont investments of $25,492,158 with 'Blackrock Institutional Funds'. I have not received any documentation for this company. This notation also has $207,985,805 in Bond Debt listed as an investment.

On May 16, 2013 Mayor Berg publicly announced the City had $11 Million in Reserves. $11 Million does not fulfill the Reserve Fund requirement nor does it explain why the $25 Million invested in Blackrock has disappeared.


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