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Stockton Will Have to Open Its Books to the State



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(Sacramento, CA)
Monday, April 02, 2012

The city finished an audit in February that found it was $15 million dollars deeper in debt than previously thought.  But, Chiang says the state has not received financial transaction reports for the city of Stockton or its redevelopment agency for last year.  So, the state will do an audit of its own.     

CHIANG: "Over night you have numbers that are looking terrible and failure to submit reports.  So, we have to get a better sense of were those earlier reports done correctly -what was the basis for coming up with those reports."

In a letter to the city, Chiang says even though the documents for previous years had been filed, their veracity is in doubt, in part because the city and the redevelopment reports are $127 million apart. 

Chiang says his auditors will be in Stockton sometime in May to get started and their work will take four to six months.

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