In its practice, Urban Futures Incorporated (UFI) has seen where the lack of effective financial policies has resulted in inefficient financial management practices, increased risk, and the misalignment of financial operations with the overall mission of an organization. At its best, finance works quietly in the background, contributing to the overall service delivery operations for a community. But when things go wrong, financial administration failures are painfully visible.
On Tuesday, June 14, 2022, the City of Lake Elsinore (the "City") successfully sold $23.7 million of lease revenue bonds, generating $24.1 million in proceeds. The bonds are issued primarily to finance a new City Hall facility on a site adjacent to the existing city hall office at 130 South Main Street, financed over a 30-years at a true interest cost of 4.57%.