Commentary
The state of California has finally released its latest Annual Comprehensive Financial Report (ACFR) for the year ending June 2021, months after the previous State Controller left the building. This is supposed to be issued within 180 days, not 21 months. We can assume that the June 2022 report will be available a year from now. Unbelievable!
The California State Auditor signed the report on March 23, 2023 and did so with a “disclaimer of opinion” for certain portions, meaning “the effects of known or potential misstatements on the respective financial statements are both material and pervasive.”
This is the latest that California has ever issued its annual audited financial statements. Sacramento has a billion dollar accounting software system and it is a national joke—but in the accounting world it is an amazing embarrassment. There are even YouTube videos mocking our Governor on the tardiness of issuing a simple financial report! This is the fifth year in a row the Golden State has issued a delinquent accounting report….