Tuesday, August 6, 2013

Central Valley Business Times | State Controller gets feedback from City Officials

Central Valley Business Times: "•  Says audits fall short •  “Much of their conclusion are two years old or more” The city of Stockton is as critical of state Controller John Chiang as he is of the city’s management and council.

On Monday, Mr. Chiang released the results of three audits of the bankrupt city’s financial management. The only positive thing revealed was that Mr. Chiang’s investigations could turn up no criminal conduct.

Now the city is criticizing the audits. The city’s main points, largely in its words: • The audit covers primarily “old” information going back to FY 2003-2004 up to June 2011. “Much of their conclusion are two years old or more,” says the city.

• The report does nothing more than rehash and make conclusions about problems already identified and well-documented by the city. It does not take into account that the city is and has been aggressively and comprehensively addressing the issue that contributed to its insolvency status."

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