Skip to comments.Up to $2.3 billion in California public funds hiding in plain sight
Posted on 07/30/2012 8:16:13 PM PDT by DeaconBenjamin
Finance officials are now trying to piece together why the balance sheets for "special funds" are off by $2.3 billion -- money that appeared to be right under their noses amid California's financial meltdown.
The fund that gives restitution to violent crime victims was off by $29 million. The one that provides children with low-cost health insurance was $30 million out of balance. The fund that rewards people for recycling bottles and cans was $113 million off.
"Where are these dollars?" asked state Senate budget chairman Mark Leno, D-San Francisco, who said it was a "big problem" that the special funds "clearly have not been getting enough attention."
The newspaper's review found at least 17 accounts that appeared to have significantly more reserve cash than what individual departments reported to the finance department.
Dozens of state departments told Gov. Jerry Brown's budget aides that they had a combined $8.8 billion left in "rainy day" reserves for their special fund accounts as of a year ago. At the same time, the controller's office tabulated a total of $11.1 billion in cash reserves for the accounts.
Finance officials are now going through each fund, line by line, to determine how much of the money is truly hidden.
"When somebody comes and says, 'Hey, guess what, we have some money over here,' well, that's a lot better than saying, 'Whoops, we don't have any money,' "said Brown, who is campaigning for tax increases in November as the centerpiece of his plan to balance the budget.
"It's hard to ask people to increase their taxes when they hear about things like this," said state Sen. Mark DeSaulnier, D-Concord, a member of the Senate budget committee. "I don't know (how this happened), but it's completely unacceptable."
(Excerpt) Read more at mercurynews.com ...
Don’t these people have to sign legal documents when handling these dollars and figures?
The demo”Rats”run this state.
Oh boy! With all that new-found cash, they’ll be able to initiate a whole new spectrum of social programs. Aren’t “windfall” discoveries great?
These special fund reserves are nothing compared to the special district reserves. Special districts have taxing authority with assessments placed on property tax bills.
It is many billions of dollars across the state sitting in the bank accounts of these special districts. As city’s try to replace sources of funding, they are increasingly going to these special districts to seek funding.
No worry, as the state financial well runs dry all sources of revenue the State can get its hand on will be sucked up. Sacramento is on a hunt for money. It has taken all it can from cities and counties and is now shifting its focus.
What kind of Business Intelligence system are they using?
It’s time to repay Calpers for all the money they stole from the pension fund!
No, that is not true. There are plenty of Republicans on boards and commissions across the state, most sitting on their hands unwilling to rock the boat and going along to get along. Most votes are unanimous.
A few outspoken Republicans get nowhere.
For all the belly aching by Republicans, when it comes to exercise a vote to change things, they don't.
I'm really tired of hearing this party cheer leading, especially when it gives credit to a GOP that does not deserve it.
Am I missing something? It appears to me that there is a discrepancy in what two different state agencies think are in the funds and what is actually in the funds. Looks to me like a huge negative. IOW there is less to be had than some might think. Which would fit the CA scenario perfectly. So much for raising taxes. Just never met a dem who didn’t think that was the end all be all of government. Perfect timing as well. Big recession bordering on depression, and very high unemployment lets just raise taxes. Insane thinking if you can call it thinking.
Who the hell audits the state? If private industry kept their books this way,,the state tax people would be all over them with liens and levies. Why do we accept that state and local govts can’t produce an accurate balance sheet or source and application of funds or and accurate operating statement?
If I send my empty bottles to CA, can I get some of that recycle fund?
In other words, screw you tax payers...
This state government is corrupt to the core.
Those who hide billions in tax dollars, them demand taxes be raised...All while lining their own pockets.
That's written as if DeSaulnier finds it unacceptable that people heard about this so he can't raise taxes! I'm sure that's not at all what he meant. /s
These people are getting their own money back, supposedly, but there's a scam there as well as you don't always get what you paid as I discovered last year when I took a collection of bottles for recycling.
And out idiot lawmakers think we should vote greater taxation to such a devious govermMental body? Excuse me?!?