Tax, Taxes & the IRS

[BUDDIEE18]

BUDGET v CAFR

Jerry Day a well known California producer of videos for over three decades has just produced his first CAFR disclosure video and put it up on YouTube today. I made two suggestions for him on an edit of the video. A copy of the email I sent him is copied below.

The link to his first cut is

Sent FYI from,

Walter Burien - CAFR1.com

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Jerry:

I watched your first attempt at a CAFR video. Good first attempt. Your focus on social benefit is commendable.

If you can edit it I would make two suggestions:

1. People have a mind set when they learn of this to say there are "two sets of books". That is incorrect. There is one book "the CAFR" local government's "Statement of Net Worth" the showing of decades of financial accumulation and not a selectively created budget report for the upcoming year.

So a correct statement would be: Some may call this two sets of books but it is not. The CAFR "is" the book and a budget report is an inferior report that is part of the CAFR. The CAFR is never mentioned being that it shows the complete picture of the wealth held and generated each year that has been building for decades.

2. I would have loved for you to have given this one example: LA County, CA. Here for 2007 they had a Budget of 17.5-billion dollars and along comes the housing market bubble burst of 2008. LA cries hardship; pulling in the belt; salary cuts; layoffs; etc.... And in reality come 2012 they increased their budget to 25.8-billion dollars, a 47% increase in their budget, additional funds taken from the populace. Now if that is not "in Your Face" as the public is forced to have their wealth diminished, houses foreclosed on over the same time period, I don't know what else is.

I will note that most of those government institutional investment accounts (Gov pensions included) started funds with nifty names like: Residential Property Opportunity Fund; Commercial Property Opportunity Acquisition Fund.

Here they were taking advantage of buying property under their real-estate investments in 2008-2011 at pennies on the dollar under foreclosures or bankruptcy to then be held and sold at 70% to 100% on the dollar or rented until sold. We are talking collectively here hundreds of billions of dollars in value stripped from the private sector out of greed and oppertunity.

With the LA County example you can flash the links for the 2001 to 2011 CAFR

The 2009 embedded link from the following is: http://file.lacounty.gov/lac/cms1_141548.pdf

The 2001 to 2011 LA COUNTY CAFR links are:
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2011
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2010
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2009
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2008
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2007
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2006
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2005
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2004
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2003
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2002
•LA COUNTY CAFR - Fiscal Year Ended June 30th, 2001

If you know how to embed links in a YouTube the above can be used. If not just take the link out of each and use the embed link as a display.

Here is a good reference article I put out a while back per LA County and LA City:

http://CAFR1.com/Bankrupt.html

Adjust for the two points above and I will send the link out and post on news sites and get you about 20,000+ views..

Walter

PS: If you wish, please note: Walter Burien of CAFR1.com has been sounding this alarm now for over ten years and people are now clearly hearing that alarm being sounded and are moving forward with corrective action.