Audit Reveals No Hidden Assets in California’s Special Funds
Friday, August 3, 2012
Aired 8/3/12 on KPBS News.
An audit of California’s 560 “special funds” finds no more hidden assets. The audit comes after $54-million dollars in surplus parks funds were discovered in two separate special funds accounts.
An audit of California’s 560 “special funds” finds no more hidden assets.
The audit comes after $54-million dollars in surplus parks funds were discovered in two separate special funds accounts.
The discrepancy results from the difference in data given to the state controller’s office and the finance departments. The audit showed a $415- million dollar difference between the two departments.
But State Finance Director Ana Matosantos said most of those differences arise from different accounting methods and timing of transfers.
“It confirms after reviewing eight-point-eight billion dollars of spending, the difference we’re talking about that was not previously addressed that was associated with errors, is less than $100-million dollars, approximately $80-million dollars,” said Matosantos.
One of the biggest errors is a $28-million dollar difference in the state’s restitution fund. Finance officials said they'll adopt new procedures to coordinate information better.
Governor Jerry Brown said he wants to use additional money found in the parks department to keep parks open, fix maintenance problems, and match donor contributions.