Friday, April 30, 2010

S.B. County Pension fund corruption, why is the data from (2001 missing from the audit Reports?)

S.B. County Pension fund corruption, why is the data from (2001 missing from the audit Reports?)

Date: 2010-04-29, 12:43AM PDT

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I am going to start my current effort of exposing MAGICAL MATH with a question to any one involved in a pension fund up to and including our Current Board of Supervisors. HOW MANY TIMES CAN YOU LOSE 100’S OF MILLIONS AND STILL MATCH THE MINIMUM REQUIRMENTS OF THE PENSION FUND? That’s simple if you are never held accountable the public who will never know!

I invite all Santa Barbara County Pension fund members, all California and Santa Barbara County tax payers to review the math used in this posting in an effort to deceit all of us that foot the bill and are responsibly for the liability created by our own elected officials. At first glance one would think that these entire pension issues have little to do with the general public and that may be true if you happen to be a non tax paying American. There is no such beast as a non tax paying American! Taxes are used by commingled the gathering of tax revenue in many levels. Than they are intended to be used to provide the services that our government offers it’s Citizens. Sounds good to me but how many times can I pay for the same thing? Limitless and less we begin to hold people accountable.

New Pension math, a prime example is the term “SMOOTHING” in regards to pension funds. Below is a portion of a letter by Robert W. Geis CPA in Santa Barbara as he explains MAGICAL Pension math allowed by our Government. It reflects a form of Dollar cost averaging but how is that beneficial? How can a non factual portrait of value and a lack of carry over sheets ever reflect a true and accurate account an value.

“Asset Smoothing: Under current retirement board policy the Actuarial Value of assets is a smoothed market value in which unexpected investment returns (gains or losses) are recognized over a 5-year period. The purpose is to smooth out the impact of volatile investment returns with respect to County contribution rates. The downside of using the actuarial method is a distortion of when the investment losses were actually incurred.”

Now before I go any further I have a simple question. Can you balance what you owe or what you have earned for a 5 year period if I withhold 1 year of income, profit and loss, or cost data? Than why do the following 2 audits of the Santa Barbara County Pension Fund for the same time periods have the physical year 2001 purposely absent from there audits.? The first pdf file is seven pages long and data is not reflected on page 2.
The second file is 68 pages long and the data for 2001 is missing on how ever there are some references on page 53,62 an 63. Nothing that will reflect fund value however. In fact on the 68 page report look to page 35 a historical review of performance, oh wait 2001 is missing there also. This is an clear and obvious attempt to conceal from the public there right to know the health and condition of the pension fund we are all responsible for. So is every year beyond that point Magical Math?

Than to top that an award is handed out for there audit!
An with all the financial data missing brag about being recognized with the flowing award. “CERTIFICATE OF ACHIEVEMENT
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Santa Barbara County Employees’ Retirement System for its comprehensive annual financial report for the fiscal year ended June 30, 2005. This was the fifth consecutive year that SBCERS submitted the report for consideration and received this prestigious award.”

So below is a portion of one file I am trying to make you aware of.
Page 1 of 7
County of Santa Barbara
Office of the Auditor-Controller
County Retirement Costs: White Paper by Robert W. Geis, CPA
(Through June, 30, 2006)
The County Retirement plan and underlying systems can be difficult to understand due to the complexities of the benefit, investment and funding policies. The benefit system is a multi-employer “

Really Mr. Geis your math is more complex than my math? Ok lets check you math in regards to the Pension Fund. Well on page 1 of your letter the Pension fund has a lose of Investment returns to the tune of 464 Million Dollars. Yet a surplus of 180 million dollars is released in 2000.

Than when you click on the above file ask yourself this Why on page two of Mr. Geis’s report and on page 35 of the other report the data for 2001 one is absent and why does any of the other pages matter.

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