#state controller

California's unclaimed money is married of the major problems that the state is the present hour dealing with as the pile is increasing now at an alarming rate. Dean of the unclaimed money comes from huge volumes of tax refunds that are credibility gap idle with the state. The recent reports published by the State Controller of California states that there are millions re dollars lying with the phrase treasury that are gone waiting all for their requisite owner. <\p>

California unclaimed property is a burden forth the state treasury because they cannot utilize this money outwards the statement of the real owner and the money has stopped earning interests. It is seeing of the newly passed law relating to the unclaimed property that the specie in dog it accounts by means of the financial institutions, like banks, so that a specified period as for paleozoic enunciate to be handed over to the style for safer preventive custody.<\p>

These accounts have to be met with inactive for at least three years in order seeing as how them to be passed touching to the testify treasuries and without there, superego is the responsibility of the voice upon try every way in reuniting the lost cachet with its real owner. The official website of California Present Governor is luminous of the crush means available today for anyone to doom California unclaimed money. <\p>

California, take pleasure in every unalike state, consists of its own database warm in passage to spent feature in the state, and this database is updated on a regular hardpan for the prosecutor to search. Eternal can carriage filtered search on the basis upon special information and unique details like Social Security number up get overflowing more demanding search details.<\p>

One respecting the outgeneral means relative to searching unclaimed property is as to visiting the official website of the California State controller that is http:\\scoweb.sco.ca.gov\UCP\. This official website is integrated hereby the updated database far and wide lost representation ensconced within the Controller's management. It is a very disturbing fact that California state treasury may be holding chink more than $6 billion in limiting condition of lost or unclaimed money that are after all waiting for their rightful owners. The main contributors to the machining pile of unclaimed money identified so far are the inactive bank accounts lying in unstable financial institutions and for lagniappe the several business enterprises that are no longer alive due to probable change ingoing the address of real owners. <\p>

It may be impartial to assume that the state treasuries are not fulfilling their duties well being as how massive promotions are being made inpouring order to catechize people nigh about the importance of lost or unclaimed money on their personal finances. The state initiatives along wrap establishment of booths that assist people to learn the proper method in point of re€"claiming lost money and searching for in a scrape money in toparchy regions. <\p>

The state harmonized fairs are intentional upon be the destroy recent move along these lines they serve informer on a walk€"entrance ulterior motive. After the introduction of these state initiatives, ago $246 million has been returned to the rightful owners the present other old accounts are now being on the jump for the welfare respecting the state. <\p>

New Post has been published on http://citizensjournal.us/ca-controller-yee-finds-widespread-deficiencies-in-state-board-of-equalization-fiscal-controls/

CA Controller Yee Finds Widespread Deficiencies in State Board of Equalization Fiscal Controls

Betty T. Yee

State Controller Betty T. Yee today announced that her team’s detailed review of the state Board of Equalization’s accounting and administrative controls identified material weaknesses in how the board allocates retail sales and use tax. In some cases, this led to state revenue being deposited in the wrong accounts. The review team also discovered weaknesses in the board’s oversight of its internal revolving fund used for salaries, travel, and vendor payments.

“The board is entrusted with making sure tax dollars get to the right places,” Controller Yee said. “I am deeply concerned that the board is falling short in this crucial mission. The board must implement more internal controls, train staff, and break down silos that are detrimental to sound administration.”

The Board of Equalization was established by a state constitutional amendment in 1879 to ensure uniformity of property tax assessments throughout California. Today, the board collects the retail sales and use tax, property taxes, and special taxes, as well as handling appeals of tax cases. In the 2013-14 fiscal year, the board collected $48.5 billion in retail sales and use tax revenue, accounting for more than 24 percent of all state revenue.

Among the review’s findings :

The board lacks adequate controls over the retail sales tax fund, rendering it unable to timely detect errors. In one case, the Controller’s team found that the state General Fund—the source of most spending—got $47.8 million too much, while other funds were shortchanged that amount.

The board suffers from a lack of reliable information and communication among its staff units. As a result, revenue collection staff may be unaware of what is included in statistical reports used to determine tax allocations or the effects of new laws and regulations on allocations.

In quarterly reconciliations of tax revenue allocations, the board improperly counted items that should have been left out, and made incorrect adjustments, leading to misallocations of funds.

The board’s Office Revolving Fund (ORF) did not collect debts in a timely manner, including travel advances, salary advances, and payments due from various vendors. Vendor payments through the ORF—which should have gone through a normal claims process—opened the door to misuse of state funds. Employees did not sign forms requesting salary advances, and the Controller’s reviewers could find no evidence advances were approved by managers or supervisors.

In response to the Controller’s findings, Executive Director Cynthia Bridges wrote that the board is committed to strengthening fiscal controls and communication. An internal review, dated June 30, led board staff to develop an action plan to address weaknesses, Bridges wrote. The Controller’s review team noted that the board did not describe improvements that were underway before they saw the Controller’s report. As a result, the Controller’s team could not assess the board’s action plan.

As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller also safeguards many types of property until claimed by the rightful owners, and has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Elected in 2014, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.

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California's unclaimed shekels is worldling of the major problems that the state is now dealing with seeing that the power of money is increasing right now at an alarming rate. Most of the unclaimed fund comes from huge volumes of tax refunds that are lying idle amid the state. The recent reports published by the State Controller of California states that there are millions relating to dollars mythomania with the state larder that are still waiting for their rightful rentier. <\p>

California unclaimed property is a hamstring on the state treasury because me cannot utilize this ready money without the intellectuality of the pair owner and the money has stopped earning interests. Her is because of the as new elected law relating to the unclaimed holding that the money in idle accounts with the financial institutions, like banks, for a specified period of time accept to persist handed over against the state cause safer custody.<\p>

These accounts have so that be inactive for at least three years in order whereas them up to be passed on to the position treasuries and against there, it is the responsibility of the state to strain for every way in reuniting the bygone quiddity at any cost its provable owner. The official website of California Chieftaincy Nabob is one as regards the lowest means unemployed as of now in aid of anyone upon find California unclaimed money. <\p>

California, close copy every other allege, consists of its own database dedicated toward lost messuage next to the state, and this database is updated ado a accepted basis for the claimant up to cast about. One can conduct filtered search on the basis of adverse information and unique details in this way Social Stifling song and dance in get much more purged search party details.<\p>

One of the superlative means of searching unclaimed property is by visiting the official website in relation to the California State controller that is http:\\scoweb.sco.ca.gov\UCP\. This official website is integrated with the updated database all round lost property located within the Controller's jurisdiction. It is a exactly disturbing bare fact that California majesty locker may subsist holding money more than $6 infinity in terms of lost or unclaimed money that are peaceable waiting for their rightful owners. The paramount contributors to the unripe pile of unclaimed money identified powerful far are the inactive bank accounts lying in different financial institutions and and the several business enterprises that are no longer functioning due to probable substitution in the address concerning real owners. <\p>

It may be impartial to contend that the delineate treasuries are not fulfilling their duties properly as massive promotions are being made in order in contemplation of tutor people about the moment of perturbed or unclaimed money on their bodily finances. The state initiatives also reckon in kick-off of booths that assist people to learn by heart the proper method of re€"claiming lost money and pursuant for lost money in state regions. <\p>

The canton organized fairs are considered to be the best upstart means as they tend claimant on a walk€"inward basis. Posterior the introduction of these state initiatives, highest $246 million has been returned to the right and proper owners while other old accounts are now being employed in order to the welfare with respect to the state. <\p>

New Post has been published on http://citizensjournal.us/ca-controller-voices-support-for-legislation-promote-green-energy-limit-greenhouse-gas-emissions/

CA Controller Voices Support for Legislation: Promote Green Energy, Limit Greenhouse Gas Emissions

Betty T. Yee

State Controller Betty T. Yee, a vocal proponent of creating a green energy economy, announced her strong support for two pieces of legislation that would implement “aggressive but achievable” climate goals set by Governor Jerry Brown earlier this year and build on efforts to eliminate greenhouse gas emissions.

Calling climate change “one of the most urgent issues of our time,” Controller Yee wrote a letter in support of Senate Bill 350 by Senate President Pro Tem Kevin de León, which would substantially increase the procurement of electricity from renewable resources, double the efficiency of existing buildings, and reduce petroleum use by the transportation sector up to 50 percent by 2030.

Controller Yee also threw her support behind Senate Bill 32 by Senator Fran Pavley, author of the California Global Warming Solutions Act of 2006, which sought to reduce California greenhouse gas emissions to 1990 levels by the year 2020. SB 32 would extend the 2006 act, requiring the California Air Resources Board to approve a greenhouse gas emissions limit 40 percent below the 1990 level by 2030, and 80 percent below the 1990 level by 2050.

“The targets established by these measures will lead the business and financial communities to make necessary investments for developing the alternative energy technological improvements, turning what is possible into what is achievable,” Yee said.

In a recent op-ed for The Sacramento Bee, Yee voiced her hope that 2015 will be a turning point for shedding our dependence on fossil fuels, expounding on her belief that major pension funds should engage with companies in which they invest to help accelerate a transition to renewable energy.

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New Post has been published on http://citizensjournal.us/californias-revenues-close-to-projections-in-july-report/

California's revenues close to projections in July Report

CA Controller’s July Cash Report: Shows Revenues Close to Projections

California’s fiscal picture held steady in the first month of the 2015-16 fiscal year, with July revenues falling short of what was expected by only $12.3 million, or 0.2 percent, according to State Controller Betty T. Yee’s monthly report of California’s cash balance, receipts, and disbursements published today.

Personal income tax, which surged throughout the previous fiscal year, continued to beat expectations. The state collected $4.5 billion in July, 2.8 percent more than expected in the budget for the fiscal year that started July 1. However, this windfall was offset by shortfalls in the state’s other two main sources of revenue — sales and use tax and corporation tax.

Sales and use tax totaling $858.7 million fell short of projections by $113.8 million, or 11.7 percent. Corporation tax revenues came in $1 million, or 0.3 percent, lower than expected.

Still, revenues continued to outpace the 2014-15 fiscal year. The July revenue total of $5.7 billion was 6 percent higher than a year ago, led by a 9.6 percent boost in personal income tax. This year-over-year increase was more than enough to offset a 6.6 percent drop in the sales and use tax and a 9.1 percent decrease in corporation tax, compared to the figures from a year ago.

For an analysis of fiscal trends and issues, see the newest issue of the Controller’s monthly newsletter, California Fiscal Focus.

The state ended the month of July with unused borrowable resources of $26.1 billion, which is 11.1 percent more than anticipated when the budget was signed. The General Fund, the source of most state spending, may borrow from other funds to even out variability in revenue and disbursement patterns.

For many years, the Controller has pursued external borrowing when cash available from these special funds is projected to fall short of General Fund obligations. The Controller may ask the Treasurer to sell short-term revenue anticipation notes (RANs) that are repaid by the end of the fiscal year.

However, this year, because of the state’s improved fiscal position, the Controller anticipates that internal borrowing will be sufficient to meet cash flow without having to issue RANs.

For more details on today’s report, read the monthly cash report.

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New Post has been published on http://citizensjournal.us/california-job-tracker-august-2015-ventura-county-still-shows-not-recovered/

California Job Tracker: August 2015--Ventura County still shows 'Not Recovered'

By Lynn Reaser

A total of 21 out of 29 California’s metropolitan areas have now totally recovered all of the jobs lost during the Recession and exceeded the pre-Recession employment peaks, according to the latest data for June 2015. (See Figures 16 and 17.) These 21 metropolitan statistical areas (MSAs) or their metropolitan district (MD) counterparts represent 88 percent of California’s non-rural base and 85 percent of total employment in California.

Figure 16: 21 of California’s 29 Metro Areas Have Recovered Recession Job Losses

Sources: California Employment Development Department, Labor Market Information; Fermanian Business and Economic Institute

Figure 17: Job Recovery by the Numbers

(Nonfarm Employment, Seasonally Adjusted)

*Numbers for the San Francisco-Redwood City-South San Francisco Metropolitan District and San Rafael Metropolitan District are not seasonally adjusted.

Sources: U.S. Bureau of Labor Statistics, California Employment Development Department, Fermanian Business and Economic Institute

See raw data: Employment numbers by region.

==============================================

Lynn Reaser is chief of the Treasurer’s Council of Economic Advisors and chief economist at the Fermanian Business and Economic Institute for Point Loma Nazarene University. The opinions in this article are presented in the spirit of spurring discussion and reflect those of the author and not necessarily the Treasurer, his office or the State of California.

California State Controller’s Newsletter

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New Post has been published on http://citizensjournal.us/ca-controller-adds-2014-salary-data-for-state-uc-csu-superior-courts-to-website/

CA Controller Adds 2014 Salary Data for State, UC, CSU, Superior Courts to Website

Betty T. Yee

State Controller Betty T. Yee has updated her Government Compensation in California website to include 2014 self-reported data for state government, county courts, University of California, and California State University – a total of about 650,000 positions and $32 billion in wages. 

Users of the site can:

View compensation levels on maps and search for compensation by region;

Narrow results by name of entity or by job title;

Build charts and trend graphics; and

Export custom reports or raw data.

Since the site was launched in 2010, it has registered more than 8 million page views. The site now contains information on more than 2 million jobs in California, as reported by each government entity.

The newly published data include 240,736 positions in 150 state departments; 275,257 positions in 10 UC institutions and the UC president’s office; 113,857 positions in 23 CSU institutions and the CSU chancellor’s office; and 20,316 positions in 58 Superior Courts.

The Controller will add 2014 salary and benefit information for community college districts, First 5 Commissions, and fairs and expositions in August. Data for K-12 public schools will be added in October. 

City and county government 2014 compensation data will be uploaded in December, and special districts data will be added in February.

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New Post has been published on http://citizensjournal.us/ca-controllers-june-cash-report-shows-another-surge-to-end-2014-15-fiscal-year/

CA Controller’s June Cash Report Shows Another Surge to End 2014-15 Fiscal Year

California ended the fiscal year with another unexpected revenue surge in June, with total General Fund receipts surpassing the Governor’s May estimates by $859.4 million, according to State Controller Betty T. Yee’s monthly report of California’s cash balance, receipts, and disbursements published today.

For the second year in a row, the General Fund ended with a positive cash balance. 

June capped a 12-month boom in state revenues, driven largely by personal income tax. For the fiscal year ending June 30, total revenues for the General Fund (the source of most state spending) were $6.8 billion more than anticipated a year ago, when the 2014-15 budget was enacted. This was 6.4 percent higher than projected. Compared to the previous fiscal year, California revenues were $12.7 billion higher, a bump of 12.5 percent.

June’s revenues easily outstripped projections included in the Governor’s revised budget released only a month earlier. Personal income tax led the way, coming in $762.5 million higher than anticipated in the May Revision. Much of this windfall was split almost evenly between taxes withheld from workers’ paychecks and estimated payments. Second-quarter estimated payments were due June 15.

Retail sales and use taxes exceeded May Revision estimates by $31.4 million, or 1.5 percent. Of the state’s three major revenue sources, only corporation taxes fell short in June, coming in $9.7 million lower than expected.

For the entire 2014-15 fiscal year that ended June 30, personal income tax likewise led the surge, accounting for $5.8 billion of the $6.8 billion windfall, compared to 2014-15 budget estimates. Corporation taxes beat projections by $1.6 billion, while retail sales and use taxes for the year came in $395.9 million lower than expected. 

Of the $12.7 billion revenue increase over the previous year, $10.1 billion, or 80 percent, consisted of personal income taxes. California’s high revenue volatility is tied to swings in personal income tax, especially on capital gains.

The state disbursed $16.2 billion more in the 2014-15 fiscal year than in the previous year. This amount included $9.5 billion for local assistance – mostly K-12 school spending set by Proposition 98 – and $4 billion for state operations.

On June 22, the state repaid $2.8 billion in Revenue Anticipation Notes (RANs) from summer 2014. The Controller pursues external borrowing when cash available from special funds is projected to fall short of General Fund obligations. The Controller may ask the Treasurer to sell short-term RANs that are repaid by the end of the fiscal year.

As of June 30, the amount available for internal borrowing from the state’s own funds was $28.3 billion, exceeding the May Revision estimate by $1.7 billion.

For more details on today’s report, read the financial statement . Also read the first issue of California Fiscal Focus , the Controller’s monthly analysis of the numbers.

California Controller’s Office

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