Audit: Calif. Might Have Lost $3B in Stimulus Funding
In a report sent to Gov. Jerry Brown (D) and the Legislature last week, state Auditor Elaine Howle said that the state might have lost up to $3 billion in federal stimulus funding because it failed to spend the money in time. According to the report, California has been awarded $38.8 billion in stimulus funding, with spending deadlines ranging from September 2010 to September 2013. As of March 31, $8.6 billion -- or 22% -- of the funding was unspent. The report notes, "Any unspent funds for these grants after the respective deadline must revert to the federal government."
- "California May Have Wasted $3 Billion in Stimulus Funding, Says Auditor" (Brown, San Francisco Business Times, 8/18).