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Audit Reveals No Hidden Assets in California's Special Funds

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(Sacramento, CA)
Friday, August 3, 2012

The audit found $415-million in fund discrepancies.

Most of those differences arise from different accounting methods, timing of money transfers and human error. Those human errors amount to $83-million dollars.

Matasantos: "It confirms after reviewing $8.8 billion of spending, the difference we're talking about that was not previously addressed that was associated with errors, is less than $100 million, or approximately $80 million dollars."

But Finance Director Ana Matasantos says the errors wouldn't have made a difference when drafting a state budget.

Matasantos: "This basically makes it clear that there are no other hidden pots of money that made the choices available to the legislature different than what they were when the governor and the legislature acted on the budget."

The legislature plans to hold hearings next week to examine the state's accounting problems.

Meanwhile, Governor Jerry Brown announced that he wants to use additional money found in the parks department to keep parks open, fix maintenance problems, and match donor contributions.

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