http://webmail.libionline.net City of Beaumont Audit
 
Taxes are collected from the People and allocated to local Agencies through the County and State. All Tax Revenue is electronically transmitted to the local agencies and is clearly identifiable on the Bank Statement. The Bonds authorized by Council are also transmitted to the City through the Riverside County Tax Assessor.

To clarify the amount of property tax revenue collected by the City I have added up all of the County transactions listed on the Bank Statement for the Fiscal Years 2012 and 2013.

Fiscal Year 2012:
Total Funds Issued Through County - $27,008,980.97
Total Bond Debt Issued - < $24,715,000.00>
Property Taxes Collected - $2,293,980.97

The amount of property taxes listed on the Bank Statements is close to the $2,787,558 amount the City of Beaumont declared on the State Financial Transactions Report.

What does not add up is the dates of the Bond Debt 2012 Series C 7b & 7c issued for $3,655,000. The official issue date on this Bond is June 7, 2012. However, this bond has written on its face: “Date of Official Statement 05/23/12”. The funds were transmitted to the City on 05/22/12. Apparently Union Bank NA transmitted the bond money to the City two weeks before the bond was finalized. Council approved the bond debt on May 15, 2012. Union Bank processed & transmitted a $3.655 Million loan to the City in five (5) working days.

Fiscal Year 2013:
Total Funds Issued Through County - $27,744,999.41
Total Bond Debt Issued - <$19,685,000.00>
Property Taxes Collected - $8,059.999.41

The amount of property taxes collected has increased by almost $5 Million in the last fiscal year. In comparing fiscal years 2012 and 2013 the amount of taxes collected are very similar until Spring when the 2013 property taxes collected substantially increase . In June 2012 the County distributed $150,000 in property taxes. The June 2013 bank statements shows $1.3 Million in property taxes collected.

The July bank statement will include more tax revenue for fiscal year 2013 and will show who else thought it would be in their best interest to start paying their property taxes.

Although an additional $5 million in property taxes has been collected in the last fiscal year, it is still far below the amount needed to cover the $15 Million/year bond debt payments. The City has collected $8 Million in property taxes in the last fiscal year, but the September bond debt payment will be close to $10 Million.

As of June 30, 2013 the City of Beaumont has $5.8 Million In the Checking Account, $1.5 Million in the Savings Account and the City used the $10.8 Million bond debt issued in May to transfer $9 Million into the State LAIF Account.

 Let's Review:
        Property Taxes are now being collected from their buddies   
        $9 Million secured in the State LAIF Account

The house is still infested, but we're making progress.








 


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Contact: libi@libionline.netCity of Beaumont Audit