- (excerpted from the City Council meeting 5-21-13)---------------- "...We are looking at going into this year July 1 2013, reserves are expected to be at $11,275,000 and we are planning on having that amount at the end (of fiscal yr 2013-14) Reserves, a better way to explain fund balances or reserves...thats net equity. Like in any business that is Assets over Liabilities. So we are $11 million stronger in assets over liabilities. Thats not cash.". --( spoken by Beaumont City Manager )
- An example in the Special Funds balances references $72 million fund balance with $50 million (asset) being the Sewer Plant itself. So $72 million minus the asset ($50 million) = $22 million. Revenues to Special Fund are expected at $32 million...Expenditures at $40 million. Not one Council Member asked about the $8 million in expenditures over revenues. I think you get the picture now.--
- I urge you to listen to the podcast from the link below. This excerpt starts at the 40:00 minute mark.
- Lloyd, I would be interested to here the response you get as to your questions to the Council.
- http://podcast.ci.beaumont.ca.us/CC_2013-05-21_agenda.htm
