Up To $2.3 Billion In California Public Funds Was Hiding In Plain Site

http://www.businessinsider.com/up-to-23-billion-in-california-public-funds-was-hiding-in-plain-site-2012-7

SACRAMENTO -- A week after uncovering a hidden-funds scandal at the state parks department, finance officials are now trying to piece together why the balance sheets for similar "special funds" are off by $2.3 billion -- money that appeared to be right under their noses amid California's financial meltdown.

An analysis by this newspaper of California's little-known 500-plus special funds -- like the ones that included $54 million in parks money shielded from the Department of Finance -- shows tens of millions of dollars in discrepancies in numerous accounts.

The fund that gives restitution to violent crime victims was off by $29 million. The one that provides children with low-cost health insurance was $30 million out of balance. The fund that rewards people for recycling bottles and cans was $113 million off.

"Where are these dollars?" asked state Senate budget chairman Mark Leno, D-San Francisco, who said it was a "big problem" that the special funds "clearly have not been getting enough attention."


Read more: http://www.businessinsider.com/up-to-23-billion-in-california-public-funds-was-hiding-in-plain-site-2012-7#ixzz21owit0NY