Joe Moore / Valley Public Radio

With a budget that's absorbed more than $100 million in cuts since 2009, the City of Fresno's finances are improving.  But major concerns remain, including a possible "perfect storm" that could threaten the city's financial future.  That's the message contained in a draft of the city's 2013 audited financial report, which the council will review on Thursday. 

New Audit Reveals California PUC Misrepresented Funds

Jan 18, 2013

California’s Public Utilities Commission has a math problem: Its budget staff has been misreporting the balance in special funds the agency manages.  That’s the finding of a new state audit that blamed the mistakes on “general confusion and lack of knowledge.”  

The Public Utilities Commission manages 14 special funds that use monthly fees from consumers to pay for special programs like the Universal Lifeline telephone service for low-income Californians.   It turns out that in 2011, agency staff miscalculated how much those funds held.