California: Billions in forgotten funds keep popping up

“For five weeks I journalistically hammered that California’s Comprehensive Annual Financial Report (CAFR) reveals $600 billion in surplus taxpayer assets, and the various local government agencies’ CAFRs are data-sampled to total $8 trillion in surplus assets.

“Last week, the California Parks and Recreation Department was found to be hiding $54 million in assets; more than twice their claimed $22 million budget deficit. This disclosure of fiduciary malfeasance led to the department director’s resignation, and the firing of the second-in-command.

“Today, the San Jose Mercury News reports a total of $2.3 billion more was “found” in 500 accounts.

Feel free to share the following:

“Let’s summarize what we’ve documented so far about the data of California’s 2011 Comprehensive Annual Financial Report (CAFR) and what it means for the state’s 12 million households (22-minute television interview of my explanation here):

“So the natural question is if the state’s withholding of $600 billion in our cash and investments does not fund pensions, address a budget deficit, or prevent devastation to infrastructure, how can we best restructure the purpose and use of OUR MONEY for optimal public benefits?

“I see three obvious solutions in monetary reform, public credit/banking, and this reform of CAFR-disclosed trillions in surplus taxpayer accounts.”

http://www.washingtonsblog.com/2012/07/ca-cafr-parks-dept-found-54-million-2-3-billion-more-now-found-full-600-billion-next.html

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