Transcript of Charles Sellers, CPA. Republican National Convention Manager’s Proposal One (MP1) Pension...
- Slide 1
- Charles Sellers, CPA
- Slide 2
- Republican National Convention Managers Proposal One (MP1)
Pension Contributions
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- Padres go to World Series! Prop. C Passes (Petco Park) Lawsuits
Delay Construction Cost Balloons to $500M
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- Managers Proposal Two (MP2) Same deal as MP1, but with whole
new City Council Diann Shipione Objects (SDCERS) Only Donna Frye
Votes No
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- Diann Shipione & Donna Frye Publicly Vilified by Local
Media Receive National Attention
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- S**t Hits Proverbial Fan NY Times Enron by the Sea Vinson &
Elkins Report Local Firm Issues Flawed AFS Sewer Bonds Issued with
Deficient AFS Attached
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- Charter Reform Gains Momentum Petco Park Finally Opens! Mayor
Murphy Wont Seek Re-Election Mayor Murphy Does Run & Wins April
2005 Murphy Gives Notice (Why?)
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- When he was elected mayor in 2000, Dick Murphy thought he had
his hands full dealing with a troubled ballpark project and sewer
spills that were shutting down San Diego's beaches. But then
Murphy, 62, a state superior court judge, became embroiled in an
even bigger mess: a $1.35 billion deficit at the city's
public-employee pension fund. The crisis has so discredited him, he
almost lost his job last November to Donna Frye, a last-minute
write-in candidate who runs a surf shop. She actually won more
votes, but some 5,500 people who wrote in her name failed to shade
in an oval box, and the courts ruled the ballots invalid. It was
Murphy's predecessor who first approved underfunding the pension
fund. But when a balloon payment became due in 2002, Murphy dodged
it by fashioning another underfunding plan, winning the pension
board's acceptance with a promise to hike pension payouts and give
special benefits to the union presidents. Now the FBI, the U.S.
Attorney and the SEC are investigating the deal. --By Terry
McCarthy. With reporting by Jill Underwood/San Diego Read more:
http://www.time.com/time/magazine/article/0,9171,1050330,00.html#ixz
z1nWvNwQ1a
http://www.time.com/time/magazine/article/0,9171,1050330,00.html#ixz
z1nWvNwQ1a
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- Michael Zuchett Becomes Mayor Resigns After Indictment Toni
Atkins Becomes Mayor Special Election to be Held in August Frye
Wins, but Not Outright
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- November 2005: Wins Special Election December 2005: Becomes
Last Weak Mayor January 2006: Becomes First Strong Mayor Engages
Kroll to Conduct Investigation
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- Issued August 2006 "The evidence demonstrates not mere
negligence, but deliberate disregard for the law, disregard for
fiduciary responsibility and disregard for the financial welfare of
the city's residents over an extended period of time
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- 1. Create CFO Position 2. Establish ICOFR 3. Certification of
AFS 4. Audit Committee 5. Auditor General 6. 5-Year Financial Plan
7. Director of Budget and Planning 8. Independent Monitor
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- SEC Cease and Desist Order
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- Stanley Keller Hired by Mayor
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- City Council AC is Created AFS for 2003 2007 Issued Jerry
Sanders Re-Elected Second Proposition C Passed Creates City Charter
Section 39
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- Jan Goldsmith Elected City Attorney Four New City Council
Members District 1: Sherri Lightner District 3: Todd Gloria
District 5: Carl DeMaio District 7: Marti Emerald
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- Independent AC is Established Confirmation Hearing Initial
Resistance The List The Brown Act
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- City Auditor is Hired 10-Year Appointment Not an At-Will
Employee Required to Dismiss: Majority Vote of AC 2/3 Vote of City
Council Financial Terms Not Stipulated
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- Reality Sets In City Attorney Biases AC Charter Revenue Audits
Public Committee Members Lack Both Access and Resources
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- CAFR About to be Issued Continuing Disclosure Deadline Order of
Posting New Protocol AC Charter Provisions What is DPWG?
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- Stanley Keller Concludes 3-Year Term as SEC Monitor Budget
Limitations Preclude Continuing Relationship Mayor is Not
Interested in Any Further Advice
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- June 30 th AFS Delayed How Long?... A Few Months? Summer
(8-31-2011) CDDs Are Missed Five Years of Disclosure
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- What About the SEC? To Disclose or Not Frye / Sellers Letter
Attorney / Client Privilege
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- Performance Audits County Animal Services City is Primary
Customer Allocation Formula is Skewed 2 Council Districts are Main
Culprits Dog Owners Subsidizing Cat Owners Should We License Cats?
Public Health Issue Budgetary Issue
http://www.youtube.com/watch?v=eqTNou1wTGc
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- June 30, 2010 CAFR Finally Issued DPWG Reviews AFS, MD&A,
and L of T AC Reviews CAFR, SAS 114 Letter, and Yellow Book
Report
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- June 30, 2011 CAFR Issued Timely
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- SAP ERP System Audit Sarbanes-Oxley Applications
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