EID Accounting Irregularities
CAPITALIZED OPERATING EXPENSES
$137 MILLION “FCC ACCOUNTS RECEIVABLE”
USE OF $40 MILLION OF LEGALLY-RESTRICTED FCC RESERVES ON OPERATIONS
$50 MILLION OF
UNRECORDED RETIREE BENEFITS
(Note: An additional 12% “across-the-board” rate increase will be needed when EID starts to recognize these added liabilities in its Financial statements.)
EL DORADO IRRIGATION FINANCING CORPORATION
Note that EID has received the same “Certificate of Achievement for Excellence in Financial Reporting” received by the City of Bell, California. In 2009, California alone had 421 winners of this award; nationally, there were 3,683 winners.
Additionally, because of the widespread issuance of these “certificates” EID Director Fraser queried Staff: “Is there any Water district that does NOT receive this award?”
In reality, this “Certificate” is misleadingly “over-touted” and has little to do with the accuracy of the numbers; Governmental agencies use this “credentialing” as “window dressing” to help secure Bond financing under favorable terms.
Check back soon for details on these and other EID Accounting Irregularities.