TIPOFF : $1-A-YEAR MAN RIORDAN NOT CASH-STRAPPED.

Byline: RICK ORLOV

JUST because Mayor Richard Riordan earns only $1 a year in salary running this great city doesn't mean hizzoner is short of cash these days.

A report filed with the city Ethics Commission last month shows Riordan - whose personal wealth has been estimated at $200 million-plus thanks to the bull stock market - got a major boost on New Year's Day.

The report showed that Riordan sold his interest in a Newport Beach real estate venture called EFW Associates Ltd. for $18.6 million to Sentinel Acquisitions Corp.

That is more than the mayor budgeted this year for the city Housing Department, Ethics Commission and Treasurer's Office, combined.

The Ethics Commission also reported that Councilman Joel Wachs once again is a leader among council members when it comes to elected officials buying the most expensive dinners with their political officeholder accounts.

In his annual financial statement filed with the commission, Wachs reported spending $220 on a dinner with then-Police Commissioner Art Mattox at the Arnie Morton's of Chicago restaurant in Los Angeles. Coincidentally, Wachs last week nominated Mattox to be his appointee on the Ethics Commission.

Wachs also spent $178 from his political officeholder account on a dinner at the same restaurant with Sherrie Levine, a New York artist and friend. The councilman also spent $180 on a dinner for three at the Pacific Dining Car and $75 on a dinner with an aide at Spago.

Wachs also reported spending more than $5,200 from his officeholder account on a trip to Germany to attend a planning conference.

Also high on the list was Councilman Hal Bernson, who reported using $193 from his officeholder account for a dinner for five at Torrey Pines Cafe. Others at the table included state Sen. Herschel Rosenthal, D-Van Nuys, and former Rep. Bobbi Fiedler, R-Northridge.

Bernson also used his officeholder account for a $136 dinner for three at Il Ristorante DiGeorgio restaurant with city lobbyist Mark Armbruster and his wife.

We're sure their constituents got their money's worth from the funds that were widely used by council members to pay for lavish dinners and worldwide travel until new restrictions and lower limits were imposed a few years ago requiring that they be used for government-related purposes.

One of the big issues in the debate over San Fernando Valley secession and changing the City Charter has been about the lack of representation and the size of the 15 City Council districts.

Each district has about 240,000 people - more than most cities in the state - and four times what they represented in 1930.

The appointed charter reform panel said it has heard from a number of people that one solution to improving representation would be to increase the number of council members.

However, to achieve the same level as some 50 years ago would mean expanding it to 42 members - an unlikely prospect among voters already suspicious of their elected officials.

It isn't taking long for Democratic gubernatorial candidate Al Checchi to try to lure the Valley.

Checchi, the multimillionaire businessman financing his own campaign, was the featured guest last week at a reception put together by Assemblyman Bob Hertzberg, D-Van Nuys.

Some 150 Valley business leaders, representatives of homeowner groups and others gathered at Hertzberg's house to hear Checchi expound on his campaign.

``I think people are looking for alternatives,'' Hertzberg said. ``I think we need fresh thinking in Sacramento, and I'm convinced you don't have to be a professional politician to serve.''

And, Hertzberg said, whoever wants to win as governor has to do well in the Valley.

``The Valley is the bellwether,'' Hertzberg said. ``If you want to win, you have to carry the Valley.''