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New law aims to end discrepancies in special funds

Posted: September 17, 2012 7:00 p.m.
Updated: September 17, 2012 7:00 p.m.
 

SACRAMENTO, Calif. (AP) — Gov. Jerry Brown has signed a bill intended to prevent state agencies from hiding special fund money and ensuring that finance officers work from the same set of figures.

The governor announced Monday that he signed AB1487 by the Assembly Budget Committee. It requires the California state controller's office and Department of Finance to compare their annual reports detailing how much money is in more than 500 special funds.

The bill is a response to a scandal involving the state parks department. The top official resigned after it was revealed that some employees kept $54 million in special fund money secret, even as dozens of parks faced closure because of budget cuts.

A subsequent review found $3.9 billion in accounting discrepancies between the controller and finance department.

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