Downsized Senior Management

I proposed downsizing of five senior management staff positions. When the Lake Elsinore’s City Manager decided to delete three senior managerial positions with a re-organization plan which included giving current managers increased responsiblities, I gave whole-hearted support to the implementation of the plan.

The City has now benefitted from the wisdom of the re-organization and a savings of $500,000 per year has been realized.

Changed Auditors to Help Ensure City Financial Statement Reliability

I proposed that the City Council retain a new auditor to review the cities financial statements on an annual basis.  The prior policy of retaining the same auditor for ten years  permitted the relationship with the city to become complacent and jepordized auditor independence.

The change to a new auditor assures the city officials and  citizens of Lake Elsinore that there is independent fiscal oversight provided by the auditor, who confirms that the City is using the “Generally Accepted Accounting Practices (“GAAP”) and the “Government Account Standardization Board Status (“GASB”) protocols are observed. 

Returned Over $2.4 million Dollars to Residents

When nearly 400 homeowners in the “Summerhill” project voiced concern that their property taxes were too high, I reviewed the bonds issued against their homes and discovered that $2,400,000 was owed to them from a settlement with another developer.

I pushed for and was pleased to be responsible for the hiring of an independent auditor.  The auditor reviewed the documents and confirmed my findings and the $2.4 million was returned to the homeowners by placing the funds in their specific bond reserve fund.

Increased Investment Revenue With Smarter Investment Policy

Once I was elected to the office of City Treasurer in 2003, I discovered that a former city manager was keeping significant amounts of money in a simple low interest account.  The amount of interest earned on millions of dollars was about 1.5%, equating to $130 thousand in revenue for the entire year.

I pushed for and approved a new, no-risk investment policy that earns the City coffers over $500 thousand per year in interest payments. The Finance Department only buys Treasury Bills that are fully insured. The treasury bills can potentially earn as much as 3% more interest than the prior investment practice on a total balance of approximately $16 million the city has available to invest.

Determined the True Debt on the Stadium

I self audited 12 bond issues tied to the stadium dating back to 1990. I discovered that $37 million dollars in bond debt was owed by the city, not the $18 million dollars in debt that staff had stated was owed.

I encouraged the Lake Elsinore City Council to vote to keep the ownership of the stadium and to avoid a contemplated “deal” that would sold the stadium for $7,000,000  and would have left the city straddling with $30 million dollars in debt on the stadium and nothing to show for it.

Although the debt remains, currently the stadium is still “owned” by the people of Lake Elsinore and the San Diego Padres organization manages the stadium at a savings of approximately $450,000 per year to the city.

A new buyer may come forward and buy the stadium and we will be in a position to negogiate in confidence knowing the full amount of debt owed on the stadium.

Diamond Stadium is a wonderful place for the people of Lake Elsinore to take their families to a baseball game without having to spend a lot of money.

LAKE ELSINORE CITY TREASURER PETER WEBER

I was born in 1961 and earned a Bachelor of Science degree in Mechanical Engineering in 1985 from Manhattan College in New York. I served as a Captain in the United States Air Force and was honorably discharged after completing 5 years of service. 

I am currently an operations  manager for Ready Pac, Inc.,  a manufacturer and distributor of pre-packaged produce and lettuce products nationwide with over $700 million in annual sales and 2500 employees.

I am currently studying for my Master of Science degree in Accountancy at California State College, Fullerton.  I will have completed my studies by 2009.

In 2003, I was elected the City Treasurer of Lake Elsinore.

I have been married to my wife, Vicky for fifteen years.  Vicky is a registered nurse at Parkview Hospital in Riverside.  We have two boys, Nathan (14) and Jacob (10).  Both of the boys attend a public school in the Lake Elsinore Unified School District.

We love camping, boating and fishing together as a family.

Future Goals

If I am re-elected as treasurer of Lake Elsinire I will continue to perform my role in the same manner. I will apprise the Council of matters that concern finance related to the budget, investments, and Generally Accepted Accounting Practices to which the city must abide.

I will continue to ensure that the city has management controls in place that protect city dollars from theft and proper handing of city funds. I will continue to monitor and self-audit bonds and city spending as I have done in the past and ask for ouside independent auditors to verify my reults if necessary.

I will continue to ensure all citizens know what is happening at City Hall that affects them financially and will always have the interest of the citizens first.

We have come a long way in the five years since I have been Treasurer, I have a professional working relationship with staff and the Council that is based on respect and knowledge of accounting statutes and and an overalll sense to do what is right and ethical for the city.

We presently have a surplus in cash reserves due to a very conservative approach to spending which I encouraged and developed with the City staff and the Council. I will contnue to work to present budgets to the Council that are balanced. I will let the Council know the fiscal impact of their decisions on the budget and their vision for the city.

I would appreciate your vote on November 4.

Peter Weber, City Treasurer,  Lake Elsinore