State audit finds errors
in controller’s numbers
State Controller John Chiang’s office has understated liabilities, miscalculated debt payments and, in one instance, made a data-entry error that added three additional zeros to a figure, changing the figure from millions of dollars to billions of dollars.
Those mistakes and others led state auditors to conclude that the controller’s office, which acts as California’s chief financial officer and fiscal watchdog, needs to reserve a hound or two to sniff around its own operations.
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Some of the accounting mistakes included: Understating some federal trust fund revenue and expenditures by $7.7 billion, understating a public building construction fund by $9.1 billion, overstating by $8 billion the California State University system’s bond debt.
Those mistakes and others were so glaring, auditors said, that they should have been caught.
The controller’s office “concurs” with their assessment, auditors said, “and believes that the challenges of high staff turnover and in recruiting qualified staff significantly contributed to the issues identified.” The controller also blamed budget cuts and late, erroneous data from “numerous agencies.”
– Jon Ortiz
“I want to begin with an apology to all the children in the room, because this one will probably bore you.”
ASSEMBLYMAN DON WAGNER, Irvine Republican, to visiting students before describing a legal procedure bill.