California State Finances Confuse a Million and a Billion

A figure was reported as $6.2 billion, when it was actually $6.2 million

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The media tells us that Governor Moonbeam is a master of budgets. Any day now California will be rolling in dough thanks to his wise investments in windmills, transgender bathrooms and bullet trains.

But anyone can be off by $31 billion. When you're spending money like there's no tomorrow, why quibble over pennies?

An audit of California’s books by the Bureau of State Audits has uncovered errors totaling $31 billion. That’s more than the gross domestic product of Iceland and Jamaica combined.

CBS 13 reported the results of the audit Thursday. It found:

$7.7 billion – Understated federal trust fund revenues and expenditures
$653 million – Overstated general fund assets and revenues
$8 billion – Overstated California State University’s bond debt
$9.1 billion – Reporting error that understated a public building construction fund
In addition, there was one case in which a figure was reported as $6.2 billion, when it was actually $6.2 million

A million. A billion. Who can tell the difference?

 

 

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