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State Controller Makes $3 Billion In Findings Since 2007, Continues to Examine Hercules

State Controller John Chiang's office began auditing the City of Hercules in late August.

State Controller John Chiang said Monday that since 2007, his audit findings through state and local investigations total more than $3 billion.

Chiang’s office is in the process of auditing the City of Hercules. The audit of the city began shortly after Chiang sent a letter to Interim City Manager Liz Warmerdam and city council members on August 18, in which he said a recent review of financial reports had identified several areas that led him to believe “there is reason to believe that the Annual Report of Financial Transactions by the City of Hercules and the Hercules Redevelopment Agency are incomplete and/or inaccurate.”

Chiang’s office is also investigating claims of pension-spiking at the California State Teachers' Retirement System.

"Unchecked spending is an invitation for misspending," said Chiang in his announcement Monday.  "My audits offer an inside-look at state and local checkbooks, and show us where fiscal practices need serious improvement. These findings can lead to real taxpayer savings, and every dollar rescued is one that we don’t have to take away from education, public safety, or other essential services." Chiang said the $3 billion in audit findings is more than any other controller in recorded state history.

Other investigations initiated by Controller Chiang include:

 

Hercules Patch’s coverage of the State Controller’s Hercules audits:

Dwayne Hoover December 20, 2011 at 04:53 PM
Wow, now there's a surprise...
Selina Williams December 20, 2011 at 07:22 PM
He's good. Hercules may lead the pack in "unchecked spending". Can't wait for that day in court and this report.
Glenn Abraham December 20, 2011 at 10:10 PM
I support any investigation which will expose who did what in the balicolivamoto era. The time to move on begins once we've gotten justice for the past.
Aazoba Yuzuki December 21, 2011 at 06:07 PM
he will find that hercules owes more money than previously thought, we can thank Balico and Friends for that ... maybe he can audit Balicos savings and offshore accounts 1st
Susan D.Keeffe December 31, 2011 at 02:30 AM
Nothing new here. He might be able to get more info from Warmerdam who was, reportedly, working for the City and NEO as a consultant when all the shenanigans re Red Barn, et. all were going on. I agree with Selina and look forward to hearing the final report.

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