Friday, November 10, 2006

Coto de Caza Sports Park Expenses - Orange County Bankrupt Again. RSM Annexes Coto, RSM files for Bankruptcy!

Coto de Caza Sports Park Expenses - Orange County Bankrupt Again. RSM Annexes Coto, RSM files for Bankruptcy!

November 8, 2006

The country has spoken and has said what most people, democrats or republicans want: We say we want change. We say we want to stop corruption. We say we want more financial restrain, accountability and transparency. We say we want public safety. You know, the same thing Coto residents want!

Then we elect a good number of tax and spend liberals, a centrist governor in California and a life-long politician in Bates. At least Bates’ campaign manager and the OCR will continue to be paid!

During 1995 and 1996, Orange County borrowed $1,039,000,000 ($1,940,000,000 including interest) to resolve bankruptcy claims resulting from the collapse of the Orange County Investment pool in 1994. To date, we have been unable to ascertain whether Orange County is indeed preparing and publishing the recommended “detailed analysis comparing original estimates with year-end actuals and explaining any variation consisting of plus or minus ten percent” .

The Coto property manager says that fiscal management is an optional business decision, and thus understanding expenses associated with the mis-management of the Sports Park is not important.

Hold on to your wallets! – What we should have said before the election is, “lie to me and make me feel good” – which the election results reflect we want! Which is what Coto is getting. Soon, the Headlines: Orange County Bankrupt Again. RSM Annexes Coto, RSM files for Bankruptcy!
Subject: RE: Sports Park Expenses - Look Again
Date: Wed, 8 Nov 2006 08:44:58 -0800
From: Morabito, Joe"
To: "Vinnie Davis"

Vinnie: The $29,804 you reference in the 2002 budget had to be for maintenance of the Sports Park not construction. The construction was done while I served on the Board and it was a whole lot more money that this amount. Go back to 1999 and you will see a separate line item for Sport Park maintenance. Further, since this is not general landscaping maintenance, we even had a separate contract in place at one time to maintain the Sports Park . In any case, it is inexcusable that Keystone is not segregating these expenses. The Sports Park maintenance is a major expenditure different than general landscaping. If the Board does not know what a major expense is, it cannot be managed. Clearly, the incompetent Varo/Mezger CZ Board does not want the real numbers published because it will demonstrate the huge subsidy that is going to the Sports Leagues. So, Vinnie when you try to make a case for a CZ dues increase, you better have a good understanding of where are current monies are going because otherwise you look like you don’t know what you are talking about which is the case specific to the Sports Park. Joe Morabito

P.S. If you don’t figure out what we are spending on Sports Park maintenance, I can make some assumptions and get there pretty quick. I suspect it is somewhere between $100,000 and $200,000 a year and maybe more with all allocations. In 2006, the Varo/Mezger CZ Board reporting about $6,000 in revenues for the Sports Park; one hell of a deal for the Sports Leagues that ended their year in surplus and bragged about it.

From: Vinnie Davis
Sent: Tuesday, November 07, 2006 4:16 PM
To: Morabito, Joe
Subject: Sports Park Expenses

Dear Joe,

Thank you for your written request in this matter. In reviewing past budgets, I find there was a line item in 2001 and 2002 for the Sports Park construction. The budget formulated in the fall of 2002 for fiscal year 2003 did not have an expense line item for the Sports Park . This would lead me to believe that the project was completed in 2002 at a total line item cost for that year of $29,804 and thereafter the Sports Park was not budgeted as an expense line item in the 2003 fiscal year. There has not been an expense line item in the budget for the Sports Park since 2002 and the completion to the Sports Park project for enhancements. If you kept the yearly budgets mailed with your association records, you would be able to verify this.

Hope this is helpful.

General Manager, CZ Master Association


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