Audit Reveals No Hidden Assets in California's Special Funds
An audit of California’s 560 “special funds” finds no more hidden assets. The audit comes after $54 million 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 difference between the two departments.
But State Finance Director Ana Matosantos says most of those differences arise from different accounting methods and timing of transfers.
“It confirms after reviewing $8.8 billion 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.”
One of the biggest errors is a $28-million difference in the state’s restitution fund. Finance officials said they'll adopt new procedures to coordinate information better.
Governor Jerry Brown says he wants to use additional money found in the parks department to keep parks open, fix maintenance problems, and match donor contributions.