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California Accounting Gap Discovered: $2.3 Billion Disparity In Special Funds Tally

US Politics & Gov't  (tags: )

- 2108 days ago -
The state controller and the Department of Finance are $2.3 billion apart in their calculations of how much money is in hundreds of special funds kept by various state agencies, officials acknowledged Friday.

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Barbara W (342)
Saturday August 18, 2012, 4:39 pm
I wonder how many other states may have this Billion Dollar Financial gap? Big gap! Don't you think? Given the new world order of disorder, what did we expect?

JL A (281)
Saturday August 18, 2012, 5:01 pm
Most of the figure is not a "true" gap in the way most people think of it and involve funds that cannot be touched for other purposes by law so it is not as much of an issue as you want to believe Barbara.

Barbara W (342)
Saturday August 18, 2012, 6:48 pm
As much of an issue that I want to believe. What sort of comment is that? 2.5 billion Dollars seems unaccounted for and that is not room for wonder? "Funds that cannot be touched for other purposes. What are other purposes" And what are these funds doing, doing nothing? There seems to be a shared concern among some California lawmakers, etc.,

I did not share this for the politics of it! I shared this because of the bureaucracy that too often mucks up the works. The 2.5 billion missing, unaccounted for, etc., is not a Phantom..

Barbara W (342)
Saturday August 18, 2012, 6:51 pm
Excerpt: " I’m concerned about the lack of communication between the controller’s office and the Department of Finance. It became obvious when the controller said, `Well, if Finance had talked to me about the parks figures, this would have come to the forefront,’” said Sen. Bill Emmerson, R-Redlands, vice chairman of the Senate Budget Committee. “Something needs to be done right away because this is just not acceptable to have this type of discrepancy in California’s budget process.”

For instance, Emmerson said lawmakers thought they borrowed all the money they could from the state’s beverage container recycling fund as they worked to avoid deeper cuts to schools and other vital programs. Now they find that there may be another $113 million in that account, according to the state controller.

At least 17 of the 560 special accounts have significantly more reserve cash based on the controller’s figures than what was reported to the Finance Department, according to the San Jose Mercury News, which first reported the discrepancies. The violent crime victim restitution fund, for instance, was off by $29 million, and a low-cost child health insurance fund was off by $30 million."

Shirley S (187)
Saturday August 18, 2012, 10:35 pm

Alice C (1797)
Sunday August 19, 2012, 7:53 am
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