City of Beaumont Audit
I submitted a Public Records Request to the City of Beaumont in an attempt to verify the $233 Million in Investments listed on Note 4 on Page 36 of the 2011 GAAP Audit. This audit has exposed another avenue in which the Beaumont City Manager and Finance Director are funneling money out of the City.
The City of Beaumont holds 150 different Fund Accounts on 33 Bonds with a Los Angeles branch of Union Bank NA, which is also the Trustee in all of the bond transactions. All of the accounts are listed under the same CUSIP account – 09248U718D. Each Bond has various subtitles; Reserve Fund, Administrative Services Fund, Costs of Issuance Funds, Cash Management Funds, etc...

The 33 Fund Accounts total $37 Million. There are 17 Fund Accounts titled: 'Reserve Fund' that total $12.6 Million. These are reserve amounts are held for the bond debt, but State and Federal law requires 10% held in bond reserve funds. Union Bank should be holding $30 Million in Reserve Funds.

Please note that these are not the 'reserves in question' in regards to the City's reserves claim. The City's Reserves are monies that are unrestricted and accessible by the City if needed. Bond Reserves are similar to a 'down payment' – they're held by the Trustee as a security that the City will repay the Bonds.

Of the 150 accounts; 65 has less than $100.00 in the account, 36 has less than $1.00 in the account. The rate of return is the same on every account - .001%.

On June 4, 2013, the City of Beaumont transferred a total of $249,238.50 to an account held by Urban Logic Consultants through two transactions:

  Account # 6711966906 2011 Series A & B Area 17B Construction Fund = $143,164.97 with memo No 12 Tournament Hills Engineering

Account # 6712022405 = $106,073.53 with memo No. 1 Suncal Engineering

I was aware that the City was paying the Administrative Expenses and Special Tax Consultant (General Government Management Services/Kapanicas) fees through Union Bank because I could see the transactions on the Bank Statement when the funds were transferred from the General Fund to Union Bank. The transfer of funds to Urban Logic are taken from the Union Bank Bond Funds, but there should still be an transaction on the General Ledger recording the transactions. There is no entry in the General Ledger to record the transactions.

This audit is for the month of June, 2013 only. Now that we know what to look for we can pull past months to see what other 'hidden treasures' we find.

The General Ledger shows Urban Logic Consultants was paid $147,032.78 on 05/02/13 and $180,318.00 on 05/21/13. The City also lists $215,973.75 under 'Accounts Payable' on 06/30/13. The City Council has canceled the last two meeting and has not ratified checks, so there is no way to verify the amounts.

  The City of Beaumont paid Urban Logic Consultants a total of $792,563.03 for the Months of May & June.



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Contact: libi@libionline.netCity of Beaumont Audit