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REPORT: $2 billion discrepancy found in Calif. funds

9:44 AM, Jul 27, 2012   |    comments
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SACRAMENTO, Calif. (AP) - More than $2 billion in California taxpayer money is apparently stashed in more than 500 special funds shielded from the Department of Finance.

A San Jose Mercury News examination of 500-plus special fund accounts, like the $54 million discrepancy in state parks money, shows a $2.3 billion "discrepancy" between state controller and Department of Finance numbers.

No one checks the controller's figures so the difference wasn't caught.

At least 17 accounts appear to have significantly more reserve cash than what was reported to the finance department.

Gov. Jerry Brown and legislators used the lower amount when they put together the budget.

The violent crime victim restitution fund, for instance, was off by $29 million, and a low-cost child health insurance fund was off by $30 million.

The Associated Press

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