ARE THE STATES REALLY BROKE OR HIDING ASSETS?

[Sassy]

Here's a link that is must reading about the economy  re "Comprehensive Annual Financial Report"  - I wrote about this before, but it really sheds some light on how the citizen is being shafted!   http://www.newswithviews.com/Devvy/kidd432.htm

"ARE THE STATES REALLY BROKE OR HIDING ASSETS?"

But, are the states really broke?

At least ten years ago, a man named Walter Burien began exposing something called a CAFR: Comprehensive Annual Financial Report. Walter managed to get on a SF radio show hosted by my friend, Geoff Metcalf. It was a real eye opener. Try as we all did, not one newspaper in the State of California would expose the truth of how the taxpayers were being fleeced. Nor would 99% of the radio stations statewide. I guess they all love being flogged every April 15th to reward the thieves in the state house.

"Some examples of CAFR reports are as follows:

California Government Category Listings   http://www.sco.ca.gov/pubs/index.shtml#stagovrep
California local Government CAFRs  (google CAFRs for every state & city)

"As a guide for you, here is a potential surplus review conducted of just "exclusively" for CA State government Inc., conducted in 2004 by Gerald Klatt, a retired Federal Auditor of 30 years that you can use as a guide for a 2009 CAFR review of just CA State Government - and then you can take a look at the some 4,500 other local government AFR's or CAFR's which in composite totals will dwarf the state totals...

Thought I'd start a new thread on this topic - seems important enough...  so what are they doing with all our money?

[Windpower]

Well  "hiding assets" is relative I guess

Every level of government must file CAFR's

but they have been "hidden in plain sight" for years if you knew what to ask for and where


Walter Burien has taken his share of lumps for shedding light on this

It is real -- my wife is an accountant for a Jr College -- she has to do CAFR's -- no they are very far from 'broke'