Convention center sails in some choppy financial waters

The issue of Defaulting on the the Fifth Avenue Landing (FAL) LLC Leasehold Option will be heard as Item 1 at the City Council's Budget and Government Efficiency (BGE-1) Committee next Wednesday June 17, 2015 at 9 am. FAL is claiming they are owed $14,219,381 including $13,805,514 in Principal and Interest, Plus $413,867 for Late Charges, or they will Foreclose on the public State Tidelands. The lease option was predicated on securing Convention Center Phase III Expansion financing through a private hotel vote, which was ruled illegal. The April 6, 2010 Lease included Paragraph 21 Hold Harmless on Page 139 of 333.
— June 13, 2015 1:06 p.m.

Interim dog park will do

See Note 21 (Pages 170-171) of the FY-2014 Comprehensive Annual Financial Report (CAFR) that shows $1,511,427,000 in Cash Fund Balances, which includes $85.6 million in Emergency Reserves + $47.196 million in Workers' Compensation + $39.59 million in Public Liability. Office of the Mayor and IBA have confirmed that there is at least $737 million in Cash that is available for CIP Infrastructure projects in these little known Fund Balances. Some of which have not been accessed in over 10 years. For example the Environmental Growth Fund has $4,204,000 is Unencumbered Cash, with no current spending plans for Individual Fund Balances. Mayor Faulconer's FY-2016 May Revise Budget will be heard at the Budget Review Committee on Thursday May 21, 2015 at 10 am. Not Tuesday's City Council meeting. So far the actual May Revised has not been posted online.
— May 16, 2015 4:46 p.m.

What kind of racket is Civic San Diego?

The best part of the lawsuit is the City Charter Section 117(c) Managed Competition issues. Our City Charter Section 117(c) states that the City Council can only contract out city functions is the work can be done "More Economically." Everyone employed at Civic San Diego makes Considerable more money than any similar City Employee. There is no way that Civic San Diego can do the work for a lower cost. In the Fiscal Year FY-2013 CAFR, Civic San Diego borrowed $20.4 Million from our General Fund Reserve Balance for extra Civic San Diego Administration. Then the Comptroller wrote off the Gifted $20.4 million as part of a $211 Million Write Off for Successor Agency debt. Shady. City Charter "Section 117. Unclassified and Classified Services. Employment in the City shall be divided into the Unclassified and Classified Service..." 
Section 117 (c) The City may employ any independent contractor when the City Manager determines, subject to City Council approval, City services can be provided more economically and efficiently by an independent contractor than by persons employed in the Classified Service while maintaining service quality and protecting the public interest. The City Council shall by ordinance provide for appropriate policies and procedures to implement this subsection. Such ordinance shall include minimum contract standards and other measures to protect the quality and reliability of public services."
— April 16, 2015 10:28 a.m.

Nah, don't want to spend it on low-income housing

Item 202 for Monday's April 6, 2015 City Council hearing should be returned until the Independent Budget Analyst (IBA) completes a review on Civic San Diego's interpretation of the Department of Finance communications. The problems is Civic San Diego staff is misinterpreting the reason for the loss of $12 million in new LMIHAF Housing Revenue accumulated in FY-2014. This issue of Unencumbered Cash Revenue on hand has nothing to due with the Long-Term loans or Repayment Agreements.
— April 3, 2015 10:15 a.m.

Missing from the Minkow movie

Internet Movie DataBase has the 2015 Minkow movie not yet released, that shows Barry Minkow as an Executive Producer. Someone added more info to the storyline that may not be in the movie. 'Imprisoned again in 2011 for securities fraud and, in 2014, after pleading guilty to a multitude of charges including defrauding the federal government, Minkow currently owes more than $600 million in restitution." Barry Minkow also wrote, produced, and starred in his own short comeback movie called Redemption in 2009.
— March 1, 2015 1 p.m.

Less Briggs, more potholes, says Goldsmith All City Council Members and Mayor Kevin Faulconer have been failing in their elected duties, by going along with staff, not making waves, and failing to ask the right questions of staff. Everyone is still okay with hiding financial information from potential bond holders, and failing to disclose important financial information to the SEC through purposeful mis-statements in the Fiscal Year-2014 Comprehensive Annual Financial Report (FY-2014 CAFR). Including omitting the $1.67 Billion in Successor Agency debt with $600 million in Assets, and the required Health and Safety Code Section 34176.1 (f)(3) Audit which requires the City of San Diego to publish online for the first time an Annual Financial Report (AFR) detailing available Unencumbered Cash, Unencumbered Bond Proceeds, hidden Reserves, Other Funding Sources, and Excess Surplus Cash as part of the acknowledged $281 million, as of June 30, 2014, of the Successor Housing Entity’s Low Moderate Income Housing Asset Fund (LMIHAF) controlled by Civic San Diego staff. Everyone in the City is using the Unencumbered Successor Agency (SA) and the LMIHAF assets to create new debt in the Public Facilities Financing Plan (PFFP) for the former Redevelopment Agency projects, without a public vote through the Lease-Lease-Revenue Bonds without the required new Revenue stream, or required State approvals. Shady. The Successor Agency is a Fiduciary Component like SDCERS, and has to act in a Fiduciary capacity with limited powers to Refinance and approve Loan Modification for the existing PFFP Successor Agency debt and Pooled Financing Investment debt at historic low interest rates to save money on debt service. The City Council and Mayor Faulconer cannot create new PFFP Lease-Lease-Revenue debt for City assets, without the approval of the Oversight Board and the State Department of Finance (DOF).
— January 23, 2015 3:55 p.m.

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