The
next several years will be challenging for all segments of our population, especially
working families. Cities are facing losses in revenues from a decrease in sales
taxes and property taxes as a result of the mortgage and lending crisis. The State
is raiding our coffers. These losses have a direct impact on the city's treasury
and the city's ability to provide and maintain services.
Current
City Treasurer Judy Lee was quoted by Tom Lochner in an October 4th article in
the WCT.
As treasurer, Lee says she is "part of the system of checks and
balances." She checks and double-checks vouchers and documentation prior
to any payment; she warns when expenditures are about to go over budget and reviews
all investments and movement of funds, she said. During her tenure, she sped up
the city's accounts receivable collections, resulting in a $900,000 cash-flow
increase annually from the Pinole/Hercules wastewater treatment plant cost-sharing
agreement, and updated the Police Department's cost-recovery fees program, she
said.
At the October 7, City Council meeting Ms. Lee did issue a public
correction to the letter to the editor, the Tom Lochner article and the campaign
mailer sent to all Pinole voters.
Ms. Lee did not "uncover" lost
money. The $900,000 being referred to was the subject of negotiations between
the City of Hercules and the City of Pinole. Ms. Lee was a member of the finance
team representing Pinole during those negotiations.
Ms.
Lee's campaign mailer include some embellishments of her record:
Made
sure that our city's investments remain safe and solid
* The treasurer has
no control over investments, the city's investments are made by a group led by
the Finance Director with input from four investment brokers.
Maintained
an active membership in the California Municipal Treasurer's Association.
*
This membership is paid for by the City. Prior to becoming treasurer Ms. Lee was
not a member. Mr. Loomis sits on the Board of CMTA.
Been
trained by the California Debt and Investment Advisory Commission.
* Training
was provided and paid for by the city after Ms. Lee was elected and was part of
her on the job training.
Personally reviewed
all of the city's payables..
* Payables are reviewed by staff and signed
off by the Deputy Finance Director and or the Finance Director or the City Manager,
not by the treasurer.
Challenged the city's accounts receivable policy
and effected a change that resulted in a $900,000 increase in the cash flow for
the Waste Water Treatment Plant.
* This statement has been retracted
by Ms. Lee. See above.
Participated
in staff training in money handling and fraud detection
*This is standard
on the job training for a new treasurer, provided by the city.
Do
you know what the City Treasurer does?
These are the
Treasurer's Responsibilities, and the reality of what is actually being done.
Per
California Code Sections 41001 - 41007
Code 41001:
The city treasurer shall receive and safely keep all monies coming
into her hands.
The Reality Is
The
treasurer counter signs checks. She is one of five authorized signers. No city
money is ever handed to the treasurer.
Code
41002:
The treasurer complies with all laws governing deposits and securing
of public funds and handling of trust funds.
The
Reality Is:
The city treasurer defers this to staff.
Code
41003:
The treasurer shall pay out money only on warrants signed by legally
designated persons.
The Reality
Is:
Warrant and requisitions are prepared by the finance director and the treasurer
does not pay out any monies.
Code 41004:
Regularly,
at least once a month, the treasurer shall submit to the city clerk a written
report and accounting of all receipts, disbursements and fund balances. Said report
shall be filed with the legislative body.
The
Reality Is:
Reports are prepared by staff and reviewed by the Finance Director.
The monthly bank reconciliations are not being filed with the city clerk or the
council.
Code 41005:
Treasurer shall perform such duties
relative to the collection of city taxes and license fees as are prescribed by
ordinance.
The Reality Is:
All fees and taxes
are paid directly to the finance department and handled by staff.
The only
tax the treasurer is involved in is the collection of business license taxes.
Code
41006
The treasurer may appoint deputies for whose acts her bondsmen are responsible.
The
Reality Is:
The only person who has been appointed is Mr. Loomis to execute
brokerage transactions.
Code 41007
The deputies shall hold
office at the pleasure of the city treasurer and receive such compensation as
is provided by the legislative body.
The
Reality Is:
Mr. Loomis is contracted by the City and reports directly to the
City Manager.
More
Reality:
The finance department has
four staff members with an total annual payroll of $311,220.
The treasurer
as en elected official is charged with being the guardian of the public's money,
not a decision maker.
The position of treasurer is largely a ceremonial position
with limited authority.
The treasurer does not make important financial or
investment decisions.
Investment decisions are made following state guidelines
and are made as a group with input from four investment brokers.
Our current
treasurer was trained on the job.
Our current treasurer spends approximately
3-4 hour per week on the job.
My Reality
Is:
My experience and background in cash flow management, accounts
receivable finance and collections will be an important asset as we strive to
find new sources of revenue and monitor delinquencies.
I will review the
fees we now have on the books in order to seek improvements in rates, policies
and procedures.
I will be vigilant.
I will go above
and beyond what is expected of me.
I will not be an unknown elected official
performing a mystery job.
Ivette Ricco :
- Qualified – hands on experience in the finance and collections industry
- Independent – I am ready and able to serve you
- Committed - to educating and involving the public and serving my community
- In this “year of the money” and into the future, I will oversee the management of the people's money with vigilance.
Community Service
President,
Pinole Chamber of Commerce, 2008 -
Community Services Commission member, 2008
-
1st Vice President, Pinole Chapter AARP, 2009 -
Pinole Chamber of Commerce,
Executive Director 2002-2007
Design Review Board 2003-2006
Pinole Woman
of the Year 2003
Relevant Business Experience
My
experience is varied and extensive and a perfect fit for this community at a time
when every penny counts.
Every expense and payment should be closely monitored.
My more than 20 years in management, finance and accounts receivable collections
will serve this community well.
National Director - Student Loan Collections,
Capital Credit Corp. Fairfield, NJ. Atlanta, Ga., San Francisco, Ca., Corte Madera,
Ca.. Burlingame, Ca.
Branch manager, Administrative Manager, Operations Manager,
V.P. Operations, National Director for Student Loan Collections.
Overall responsibility
for contract compliance of Federal multi-million dollar student loan contracts
for the Western Region and Southern Regions for US Dept. of Education, Student
Loan Collections.
Managed and supervised over 300 employees in 6-12 offices
nationwide.
Established and implemented new policies and procedures.
Increased
revenue and reduced outstanding defaulted loans in portfolio.
Was named Manager
of the Year, the first woman to be so honored.
Vice President for Operations,
Capital Credit Co., San Francisco, Ca., Emeryville, Ca., Lafayette, Ca.
Responsible
for accounts receivable portfolio and budgets in excess of $10 million. Increased
revenue and decreased defaults in accounts receivable finance portfolio.Complete
and overall responsibility for account management, customer service, receivable
verification, reports, policies, procedures and operations staff of 10.
President/CEO and founder, Femmefan, Inc. 2000 - present
Owner, Ivette
Ricco Services, 2002 - present
Other relevant business experience:
Marcona
Corp, S.F., Ca. Clerical and Operations Supervisor
DeSoto Chemical, Berkeley,
Ca. Clerical Supervisor
Pinole Chamber of Commerce, Executive Director
Campaign
contributions can be made to:
Ivette Ricco Election Committee/Treasurer
2826 Simas Ave.
Pinole, Ca. 94564
FPPC # 1310075
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