Oops: Calif Accounting Error of $1.9 BILLION Adds to State Deficit Projection

[Weatherman2020]

$1.9 billion Medi-Cal error adds to California deficit projection.

The administration discovered accounting mistakes last fall, but it did not notify lawmakers until the administration included adjustments to make up for the errors in Brown’s budget proposal last week. The Democratic governor called for more than $3 billion in cuts because of a projected deficit he pegged at $1.6 billion.

“There’s no other way to describe this other than a straight up error in accounting, which we deeply regret,” said H.D. Palmer, a spokesman for the Department of Finance.

The agency followed its normal practice by waiting to report the errors in the governor’s next budget, he said.

Brown’s deficit projection was driven by more than just the accounting error, Palmer said, noting that California tax collections came in below expectations for most of the first half of the fiscal year.

The massive hole in the Medi-Cal budget surprised state lawmakers.

It always does.

 

[Manonthestreet]

Who isnt paying their fair share.......

 

[Weatherman2020]

Who isnt paying their fair share.......

Time to eliminate the tax breaks for Hollywood.

 

[Manonthestreet]

Who isnt paying their fair share.......

Time to eliminate the tax breaks for Hollywood.

Wrong......Time to tax smokers and drinkers and vapors and tourists ......

 

[Weatherman2020]

Who isnt paying their fair share.......

Time to eliminate the tax breaks for Hollywood.

Wrong......Time to tax smokers and drinkers and vapors and tourists ......

I was told pot use would make the state rich.

And here Calif is billions in debt.

 

[Iceweasel]

Accounting error? Isn't that a euphemism for 'somebody skimmed off the top'?

 

[jwoodie]

California Democrats have been deceiving the public about the State's finances for decades, and the $hit is getting ever closer to the fan. These bogus "accounting errors" are always discovered just after an election has taken place, with the hope that they will be forgotten before the next election. Voters had enough sense to recall Governor Gray Davis in 2003 for these hijinks, but the electorate has changed so much that the State's unfunded $1 trillion public pension liability is simply ignored.

 

[ColonelAngus]

Californiastan.

Funny how they discovered it in the fall, but don't cop to it until now.

What's $2 billion among friends?

SNOWFLAKE PARADISE!!

 

[Silhouette]

I know, they can solve their deficit by paying for prisoners to pretend they're changing their gender. Then, they can show their admiration for those prisoners by pardoning them out onto their streets because "they're now mentally sane"...

They can hire Obama and put him in charge of that lucrative program..

Thank GOD for the electoral college. Otherwise we'd have California in power across the nation.. I just wish the GOP ran another slam-dunk candidate besides Cheeto Jesus.

 

[BluesLegend]

And we were supposed to listen to these California incompetents and elect Hillary?

 

[Weatherman2020]

California is spending billions on a now low speed rail to go from LA to SF in 6 hours when a plane will get you there in one hour.

 

[Iceweasel]

California is spending billions on a now low speed rail to go from LA to SF in 6 hours when a plane will get you there in one hour.

But think of the jobs! Good solid union jobs with jaw dropping pensions.