Report: State, Local Governments Underreport Spending
California state and local governments -- which spent a combined $365 billion in the fiscal year ending in 2011 -- underreport the amount of money they spend each year, especially in predicting future payments for unfunded liability, according to a report from California Public Policy Center. According to the report, the state's combined government debt is $848 billion, of which $611 billion is held by local governments.
- "Report Says California Governments Don't Reveal Full Spending" (Arns, Sacramento Business Journal, 7/17).