California Has Largest Unrestricted Net Deficit in US
Published on March 19, 2024
Commentary The California State Controller released the audit of California’s financial statements, performed by the State Auditor for the year ending June 30, 2022, on March 15. The annual comprehensive financial report should have been issued some 15 months sooner. Why was it so late? It’s unclear. Looking at the document, we are immediately informed on the first page of the Report Overview that the State Auditor has issued a modified opinion, consisting of a qualified opinion, for the balance sheet. This is a warning sign, or yellow light, for the reader to be aware that there is something that should be taken into consideration....