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Up to $2.3 billion in California public funds hiding in plain sight
Key Excerpts from Article on Website of San Jose Mercury News (San Jose's leading newspaper)
Posted: August 7th, 2012
http://www.mercurynews.com/california-budget/ci_21168552/up-...
A week after uncovering a hidden-funds scandal at the state parks department, finance officials are now trying to piece together why the balance sheets for similar "special funds" are off by $2.3 billion -- money that appeared to be right under their noses amid California's financial meltdown. An analysis by this newspaper of California's little-known 500-plus special funds -- like the ones that included $54 million in parks money shielded from the Department of Finance -- shows tens of millions of dollars in discrepancies in numerous accounts. 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, though it's unclear why. The problem could date back decades and is only now coming to light after discrepancies were discovered in the parks funds, costing longtime parks director Ruth Coleman and deputy director Michael Harris their jobs.
Note: Could these funds be related to the CAFR reports which have gone so underreported? For more, see this link.
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