Candidates reveal their financial holdings
The three candidates seeking to fill the remaining 18 months of state Assemblyman Mike Duvall’s City Council term in the upcoming June 5 special election must give up a bit of their financial privacy, according to terms of a state law approved by voters back in 1974.
The Political Reform Act contains many provisions affecting local government agencies, with council, school trustee and water district director incumbents and candidates, along with management officials, required to file annual economic interest statements.
These documents must report investments and positions in businesses and real property and income from sources located or doing business in the public agencies’ jurisdictions.
Victoria Gulickson, Hank Wedaa and Keri Wilson each submitted statements when they entered the council race last month, reporting their interests in broad categories: $2,000 to $10,000; $10,001 to $100,000; $100,001 to $1 million; and more than $1 million.
Gulickson’s filing indicates “no reportable interests,” while Wilson’s document notes two: she puts the fair market value of her real estate appraisal firm at between $10,001 and $100,000 and places her income from the business in the same category.
Wedaa lists six companies in which he’s an owner, director or consultant, with annual income in the $10,001 to $100,000 range from each entity.
He owns Valley Environmental Associates of Yorba Linda, which conducts studies and has a fair market value from $10,001 to $100,000; is a director for Hunt Investors, a Tennessee emission control systems firm; and consults for Emerachen Corporation, another Tennessee emission control company.
Also, he consults for Hydrogenics Corporation, an Ontario, Canada, fuel cell and hydrogen system firm; Solar Integrated Technologies, a Los Angeles solar energy systems business; and Aurora Lighting, a Tennessee lighting supplies company.
Wedaa also reports $500 to $1,000 income for consulting services to Wilder Index Funds of Encinitas and $10,001 to $100,000 IRA trust income; and he takes a tax deduction for using part of his home on Paseo Gilberto for business purposes.
Perhaps unnecessarily, Wedaa reports a five percent, 30-year home loan from Arizona’s Chase Home Financial for more than $100,000 and the sale of two cars, a 2000 Jaguar to Classic Cars of Newport Beach and a 1994 Acura to a private individual.
Of course, determining the correctness of anyone’s statement would require a pretty intimate knowledge of that person’s finances, but the state’s Fair Political Practices Commission, which can impose various fines and penalties, handles enforcement.
Others wishing to reveal aspects of their financial lives can join the race by filing as a write-in candidate before a May 22 deadline. Although your name won’t appear on the ballot, any votes you receive will be included in the official tally.
A FINAL NOTE
During a trip to the Gulf Coast and Rio Grande Valley regions of Texas, my wife and I visited a few days with Olaf and Alice Grimsbo in La Feria, one of many havens for the state’s winter-only residents.
The 6,115-population town was in the midst of a spirited contest between two slates of candidates for three seats on the City Commission, which is similar to our City Council.
One slate sponsored a Sunday afternoon rally, featuring food, music and speech-making. I didn’t get a chance to check financial filings to see who paid for the shindig, so I should disclose that Jill and I enjoyed barbeque chicken, beans, rice and cups of cold lemonade
The Political Reform Act contains many provisions affecting local government agencies, with council, school trustee and water district director incumbents and candidates, along with management officials, required to file annual economic interest statements.
These documents must report investments and positions in businesses and real property and income from sources located or doing business in the public agencies’ jurisdictions.
Victoria Gulickson, Hank Wedaa and Keri Wilson each submitted statements when they entered the council race last month, reporting their interests in broad categories: $2,000 to $10,000; $10,001 to $100,000; $100,001 to $1 million; and more than $1 million.
Gulickson’s filing indicates “no reportable interests,” while Wilson’s document notes two: she puts the fair market value of her real estate appraisal firm at between $10,001 and $100,000 and places her income from the business in the same category.
Wedaa lists six companies in which he’s an owner, director or consultant, with annual income in the $10,001 to $100,000 range from each entity.
He owns Valley Environmental Associates of Yorba Linda, which conducts studies and has a fair market value from $10,001 to $100,000; is a director for Hunt Investors, a Tennessee emission control systems firm; and consults for Emerachen Corporation, another Tennessee emission control company.
Also, he consults for Hydrogenics Corporation, an Ontario, Canada, fuel cell and hydrogen system firm; Solar Integrated Technologies, a Los Angeles solar energy systems business; and Aurora Lighting, a Tennessee lighting supplies company.
Wedaa also reports $500 to $1,000 income for consulting services to Wilder Index Funds of Encinitas and $10,001 to $100,000 IRA trust income; and he takes a tax deduction for using part of his home on Paseo Gilberto for business purposes.
Perhaps unnecessarily, Wedaa reports a five percent, 30-year home loan from Arizona’s Chase Home Financial for more than $100,000 and the sale of two cars, a 2000 Jaguar to Classic Cars of Newport Beach and a 1994 Acura to a private individual.
Of course, determining the correctness of anyone’s statement would require a pretty intimate knowledge of that person’s finances, but the state’s Fair Political Practices Commission, which can impose various fines and penalties, handles enforcement.
Others wishing to reveal aspects of their financial lives can join the race by filing as a write-in candidate before a May 22 deadline. Although your name won’t appear on the ballot, any votes you receive will be included in the official tally.
A FINAL NOTE
During a trip to the Gulf Coast and Rio Grande Valley regions of Texas, my wife and I visited a few days with Olaf and Alice Grimsbo in La Feria, one of many havens for the state’s winter-only residents.
The 6,115-population town was in the midst of a spirited contest between two slates of candidates for three seats on the City Commission, which is similar to our City Council.
One slate sponsored a Sunday afternoon rally, featuring food, music and speech-making. I didn’t get a chance to check financial filings to see who paid for the shindig, so I should disclose that Jill and I enjoyed barbeque chicken, beans, rice and cups of cold lemonade
posted by Jim Drummond at 12:00 PM
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