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
Also...
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.