http://realitybloger.wordpress.com/2012/05/25/california-government-hides-billions-from-taxpayers/
Thanks to Clint Richardson for doing this research and publishing the following:
Hell, it could pay off all of California's debt 4 times!
California Government Hides Billions From Taxpayers
The Big Lie
Over the past weekend, Gov. Jerry Brown of California took to the safety of YouTube to reveal that the Golden State’s budget deficit is now $15.7 billion, far greater than the original $9.2 billion estimate in January. (CNN, May 15, 2001)
The Simple Truth
The State Government of California has $100′s of billions in liquid investments and assets, could easily pay off all of its debt tomorrow, and would have $100′s of billions left over.
What if I could show you over $577 billion in investment fund balances that aren’t being reported by the California State Government on its budget report?
Well that is what I’m about to do…
In this article we will once again show the purposeful omission of massive amounts of wealth by your government. If you live in California, this may well be the most important thing that you read this year. If you live elsewhere… rest assured that the same holds true in your State, County, Municipality, School and other districts.
In what can only be called a recently government produced propaganda video, California Governor Jerry Brown is addressing and purposefully lying to the people of California, where he nicely threatens to cut school funding by multiple billions if the people of the State do not vote in favor of his new budget plan:
“Gov. Jerry Brown’s 2012-13 budget would slash $5.2 billion in public school funding if voters reject the tax increases he is trying to put on the November ballot…”
(Source) http://www.scpr.org/news/2012/01/05/30670/gov-jerry-browns-budget-be-released-early-after-it/
So… is California in such a financial deficit, as the Governor and his proposed and revised budget plan so matter-of-factly states?
This is the question that we will be answering today. But in order to answer this question, we must go to the true source of financial auditing for government, the Comprehensive Annual Financial Report (CAFR). This report – the full accounting of government and its investments – is virtually never spoken of publicly. It is not mentioned on the nightly news. And it is not referred to when addressing the people about taxpayer issues and budgetary considerations and shortfalls. In short, this CAFR report is the Holy Grail of government accounting; very difficult to read and comprehend, and worse of all… it is hidden in plain sight.
Here is a link for the 2011 Comprehensive Annual Financial Report (CAFR) for the State government (corporation) of California – a 300 page, independently audited report required by federal law, and which will be the subject of the following information.
LINK–> http://www.sco.ca.gov/Files-ARD/CAFR/cafr11web.pdf
And for previous years back through fiscal year 1999:
LINK–> http://www.sco.ca.gov/ard_state_cafr.html
Now, the first thing that must be understood is the difference between the partial “budget report” as referred to above by the Governor, and that of the Comprehensive Annual Financial Report – which is the full audit of the California government. The following paragraph is taken directly from the 2011 CAFR report, and explains this difference quite succinctly…
On page 200, the 2011 California State CAFR explains the following (emphasis mine):
“On a budgetary basis, the State’s funds are classified as either governmental cost funds or nongovernmental cost funds. The governmental cost funds include the General Fund, most of the funds that comprise the Transportation Fund, and many other funds that make up the nonmajor governmental funds reported in these financial statements. Governmental cost funds derive their revenue from taxes, licenses, and fees that support the general operations of the State. The appropriations of the budgetary basis governmental cost funds form the annual appropriated budget of the State.
Nongovernmental cost funds consist of funds that derive their receipts from sources other than general and special taxes, licenses, fees, or state revenues and mainly represent the proprietary and fiduciary funds reported in these financial statements. Expenditures of these funds do not represent a cost of government and most of the nongovernmental cost funds are not included in the annual appropriated budget…”
And so we can see that governments participate in many business activities; and we must first and foremost understand that a large portion of liquid investment assets are held within what the government calls “non-governmental” activities, including “Enterprise Operations”. These investment assets are usually kept in what are called “Investment Funds”.
But government is only obligated (by its own law) to report what it refers to as “governmental” or “taxpayer” activities to the citizenry on its “Budget/Appropriations Report”. Tax in… Tax out…
In short, the Governor of the great corporate State of California is lying to his taxpayers through the act of omission of these CAFR facts, by only referring to a hand selected portion of that CAFR, which is called the State’s annual budget report. While this should be tried as perjury, the laws of the State/Federal government protect him from this ever happening.
To help in your understanding, let’s say that you were to have a checking account with $1,000 and a savings account with $10,000 in two different banks, and that you only reported to the government that you had $1,000 dollars as your net worth because you don’t want to use your savings account to pay bills (taxpayer obligations) to government. You’d be audited and put in a federal debtor’s prison. But for government, the simple designation of “non-governmental” or “non-taxpayer” income and investment returns allows them to hide all of this wealth from the people and the “Budget Report”, while never mentioning the funds and wealth in the CAFR report. The only difference is that government does this legally – because government makes its own laws!
Why do they do this?
The answer is simple, really… TO JUSTIFY THE CONTINUATION OF, THE RAISING OF, AND CREATION OF NEW TAXES!!!
Taxation is nothing more than revenue generation. And much of that taxpayer money ends up in non-governmental corporations and investment funds.
Think of a manager of any department in any private corporation whom, at the end of the fiscal year has $10,000 dollars left over in his expense account. If he doesn’t spend that money, he will be appropriated $10,000 less for his budget in that next fiscal year because he was given too much for the current year. So he purchases extra supplies his department doesn’t need and maybe even spends $1,000 extra so that he gets even more money appropriated for the next year. As long as government shows a budget report to the people (taxpayers) that excludes many of its assets because they are non-governmental (non-taxpayer obligated) assets, it can continue each year to claim the need for more taxation and more debt because it is funneling so much money into these nongovernmental investment funds.
Here is a list of ending balances of all of the governmental and nongovernmental “Investment Funds” that the California State Government was holding onto for the year 2011:
Nonmajor governmental funds account for the State’s tax-supported activities that do not meet the criteria of a major governmental fund. Following are brief descriptions of nonmajor governmental funds.
Special revenue funds account for the proceeds of specific revenue sources, other than debt service or capital projects, that are restricted or committed to expenditures for specific purposes.
Page 194 – (chart) “Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds” – as of June 30, 2011:
Business and Professions Regulatory and Licensing Fund – $1,396,449,000
Environmental and Natural Resources Fund – $8,683,305,000
Financing for Local Governments and the Public Fund – $5,273,511,000
Cigarette and Tobacco Tax Fund – $253,300,000
Local Revenue and Public Safety Fund – $44,520,000
Health Care Related Programs Fund – $947,552,000
Trial Courts Fund – $1,522,274,000
Golden State Tobacco Securitization Corporation Fund - $619,754,000
Other Special Revenue Programs Fund - $1,907,723,000
————————————————————————————-
TOTAL IN SPECIAL REVENUE FUNDS = $20,648,388,000
————————————————————————————-
Debt service funds are used to account for the accumulation of resources for and the payment of principal and interest on general long-term obligations.
The Economic Recovery Bond Sinking Fund – $484,712,000
The Transportation Debt Service Fund – $0.00
————————————————————————————-
TOTAL IN DEBT SERVICE FUNDS = $484,712,000
————————————————————————————-
Capital projects funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets.
Prison Construction Fund – $2,938,000
Higher Education Construction Fund – $604,202,000
Natural Resources Acquisition and Enhancement Fund – $56,584,000
Hospital Construction Fund – $411,814,000
Local Government Construction Fund- $499,973,000
Other Capital Projects Funds – $13,945,000
————————————————————————————-
TOTAL IN CAPITAL PROJECTS FUNDS = $1,589,456,000
————————————————————————————-
Building authorities are blended component units that are created by joint-powers agreements between local governments and the State or other local governments for the purpose of financing the construction of state buildings. The funds account for bond proceeds used to finance and construct state buildings and parking facilities.
East Bay Building Authority – $22,404,000
Los Angeles Building Authority – $12,604,000
San Francisco Building Authority – $30,547,000
Oakland Building Authority – $8,333,000
Riverside Building Authority - $1,245,000
San Bernardino Building Authority – $11,041,000
————————————————————————————-
TOTAL IN BUILDING AUTHORITY FUNDS = $86,174,000
————————————————————————————-
Internal service funds – (Page 206) account for state activities that provide goods and services to other state departments or agencies on a cost reimbursement basis. Following are brief descriptions of the internal service funds.
Architecture Revolving Fund – $-25,228,000
Service Revolving Fund – $-52,412,000
Prison Industries Fund – $203,827,000
Office of Systems Integration Fund – $-1,348,000
Technology Services Revolving Fund – $130,079,000
Water Resources Revolving Fund – $0.00
Financial Information Systems Fund – $-28,915,000
Other internal service program funds – $348,352,000
————————————————————————————-
TOTAL IN INTERNAL SERVICE FUNDS = $574,355,000
————————————————————————————-
Enterprise funds – (Page 218) – account for operations that are financed and operated in a manner similar to private business enterprises, where the costs of providing goods or services to the general public on a continuing basis are intended to be financed or recovered primarily through user charges.
High Technology Education Fund – $34,907,000
State Water Pollution Control Revolving Fund – $3,172,928000
Housing Loan Fund – $159,679,000
Other enterprise program funds - $245,450,000
————————————————————————————-
TOTAL IN ENTERPRISE FUNDS = $3,612,964,000
————————————————————————————-
Private purpose trust funds account for all trust arrangements, other than those properly reported in pension and other employee benefit trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments.
The Scholarshare Program Trust Fund – $4,521,770,000
The Unclaimed Property Fund – $102,534,000
Other Private Purpose trust funds - $877,000
————————————————————————————-
TOTAL IN PRIVATE PURPOSE TRUST FUNDS = $4,625,181,000
————————————————————————————-
Pension and other employee benefit trust funds – (Page 234) – account for transactions, assets, liabilities, and net assets available for pension and other employee benefits of the two public employees’ retirement systems that are fiduciary component units and for other primary government employee benefit programs.
Public Employees’ Retirement Fund (CalPERS) – $241,761,791,000
Public Employees’ Health Benefits Fund (CalPERS) – $1,866,877,000
State Teachers’ Retirement Fund (CalSTRS) – $155,345,815,000
Teachers’ Health Benefits Fund (CalSTRS) – $598,000
Deferred Compensation Fund – $9,365,582,000
Judges’ Retirement Fund (CalPERS) – $54,146,000
Judges’ Retirement Fund II (CalPERS) – $575,833,000
Legislators’ Retirement Fund (CalPERS) – $123,476,000
State Peace Officers’ and Firefighters’ Defined Contribution Plan Fund (CalPERS) - $499,873,000
Supplemental Contributions Program Fund (CalPERS) – $19,658,000
Other pension and other employee benefit trust funds – $10,117,000
————————————————————————————-
TOTAL IN PENSION/EMPLOYEE BENEFIT FUNDS = $409,623,766,000
————————————————————————————-
Agency funds - (Page 238) – account for the receipt and disbursement of various taxes, deposits, deductions, and property collected by the http://realitybloger.wordpress.com/wp-admin/post.php?post=1607&action=edit&message=10State, acting in the capacity of an agent, for distribution to other governmental units or other organizations.
Receipting and Disbursing Fund - $16,599,601,000
Deposit Fund – $1,793,962,000
Other agency activity funds – $51,000,000
————————————————————————————-
TOTAL IN AGENCY FUNDS = $18,444,563,000
————————————————————————————-
Nonmajor component units are legally separate entities that are discretely presented in the State’s financial statements in accordance with GAAP. The inclusion of component units in the State’s financial statements reflects the State’s financial accountability for these entities.
California Alternative Energy and Advanced Transportation Financing Authority – $1,661,000
California Infrastructure and Economic Development Bank – $270,736,000
California Pollution Control Financing Authority – $4,015,000
California Health Facilities Financing Authority - $66,172,000
California Educational Facilities Authority – $33,389,000
California School Finance Authority -$158,000
California State University auxiliary organizations – $2,025,810,000
District agricultural associations – $323,244,000
University of California Hastings College of the Law – $144,486,000
San Joaquin River Conservancy – $988,000
California Urban Waterfront Area Restoration Financing Authority – $1,000
State Assistance Fund for Enterprise, Business and Industrial Development Corporation – $3,703,000
————————————————————————————-
TOTAL IN NONMAJOR COMPONENT UNITS = $2,874,358,000
————————————————————————————-
In the “FUND FINANCIAL STATEMENTS”, listed on Page 33 of the CAFR, we also see the following Major Governmental fund balances reported:
(Chart) (Page 36) – “Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds”, for fiscal year 2011:
Federal Fund – $121,554,000
Transportation Fund – $7,767,232,000
————————————————————————————-
TOTAL IN MAJOR GOVT FUNDS = $7,888,786,000
————————————————————————————-
Proprietary Funds (Chart) (Page 42) – Statement of Revenues, Expenses, and Changes in Fund Net Assets:
Electric Power Fund – $0.00
Water Resources Fund – $1,205,431,000
Public Building Construction Fund – $214,665,000
State Lottery Fund – $103,016,000
Unemployment Programs Fund – $-6,879,180,000
California State University Fund – $2,549,324,000
————————————————————————————-
TOTAL IN PROPRIETARY FUNDS = $-2,806,744,000 (deficit)
————————————————————————————-
Major Discretely Presented Component Units (Chart) (Page 52) – Statement of Net Assets – Enterprise Activity:
University of California Fund – $55,793,132,000
State Compensation Insurance Fund – $21,258,923,000
California Housing Finance Agency Fund – $10,196,223,000
Public Employees’ Benefits Fund - $4,071,565,000
————————————————————————————-
TOTAL IN MAJOR COMPONENT UNIT FUNDS = $91,319,843,000
————————————————————————————-
Note: over $55,000,000,000 of this is listed as “Investments“
The other “Capital Assets” (buildings, land, vehicles, etc.)
are not considered “liquid” assets, but rather permanent.
————————————————————————————-
The California Government also has what it refers to as “Related Organizations”, of which it does not report fund balances in its CAFR:
From the “Notes To Financial Statements” section (Page 63):
5. Related Organizations
A related organization is an organization for which a primary government is accountable because that government appoints a voting majority of the organization’s governing board, but for which it is not financially accountable (in the CAFR).
“Chapter 854 of the Statutes of 1996 created an Independent System Operator, a state-chartered, nonprofit market institution. The Independent System Operator provides centralized control of the statewide electrical transmission grid to ensure the efficient use and reliable operation of the transmission system. The Independent System Operator is governed by a five-member board, the members of which are appointed by the Governor and confirmed by the Senate. The State’s accountability for this institution does not extend beyond making the initial oversight board appointments. Because the primary government is not financially accountable for the Independent System Operator, the financial information of this institution is not included in the financial statements of this report.”
Independent System Operator – Total Assets (as of Feb, 2012) = $875,764,000
Source (CAFR) – http://www.caiso.com/Documents/MonthlyFinancialReport-MAR2012.pdf
Main Website – http://www.caiso.com/Pages/default.aspx
California Earthquake Authority (CEA), “a legally separate organization, offers earthquake insurance for California homeowners, renters, condominium owners, and mobile home owners. A three-member board of state-elected officials governs the CEA. The State’s accountability for this institution does not extend beyond making the appointments. Because the primary government is not financially accountable for the CEA, the financial information of this institution is not included in the financial statements of this report.”
“The CEA is the largest earthquake insurer in California, with over 65% of the residential earthquake insurance market; CEA participating insurers are responsible for almost 80% of California’s residential property insurance.”
“The CEA ended 2010 with 811,317 policies-in-force, which represents a 1.38% increase in policy count compared to year-end 2009.”
“In accordance with California Insurance Code sec. 10089.13, subdivision (b), the California Earthquake Authority reports its finances as of December 31, 2010:
Cash on hand – $96,456,862
Stocks or bonds – $4,176,584,412
Premiums receivable – $49,595,737
Assessments receivable – $3,190,830
Interest receivable – $12,350,634
Deferred participating-insurer commissions and operating costs – $40,674,396
Other assets – $1,742,495
————————————————————————————-
CEA – TOTAL AVAILABLE CAPITAL (after liabilities) = $3,753,367,495
————————————————————————————-
Source – CAE CAFR – http://www.earthquakeauthority.com/UserFiles/File/Publications%20&%20Brochures/Annual%20Report%20to%20the%20Legislature%20-%20Reporting%20Year%202010-FINAL.pdf
Main Website – http://www.earthquakeauthority.com/CEAIndex.aspx
Bay Area Toll Authority (BATA), “which is not part of the State’s reporting entity, was created by the California Legislature in 1997 to administer a portion of the toll revenues collected from the San Francisco Bay Area’s seven state-owned toll bridges and to have program oversight related to certain bridge construction projects. In 2005, the California Legislature transferred toll-bridge administration responsibility from the California Department of Transportation (Caltrans) to BATA. This responsibility includes consolidation of all toll-bridge revenue under BATA’s administration. BATA is a blended component unit of the Metropolitan Transportation Commission.”
Balance Sheet for BATA Governmental Funds (June 30, 2008):
General Fund – $44,583,169
AB 664 Net Toll Revenue Reserve Fund – $42,902,139
STA Fund – $123,393,759
Capital Projects Funds – $11,376,935
Nonmajor Governmental Funds – $141,229,755
Proprietary (Enterprise) Funds (Page 25):
Bay Area Toll Authority Fund – $-2,225,847,394
Note: The deficit in this fund is due to transfers out and into other funds of over $930,000,000, as well as grants to CalTrans and other agencies of over $130,000,000 – Remember the example of spending more than you are apportioned each year to show creatively that you are at a deficit?
Service Authority For Freeways And Expressways Fund – $22,991,569
Agency Funds Total (Page 31) – $78,458,845
Nonmajor Funds:
Transit Reserves Fund – $378,485
Rail Reserves Fund – $84,611,153
Exchange Fund – $6,676,355
BART Exchange Fund – $47,549,245
Feeder Bus Fund - $48,509
————————————————————————————-
BATA – TOTAL FUND BALANCES (Page 45) = $3,175,070,238
————————————————————————————-
Source CAFR - http://www.mtc.ca.gov/library/AnnualReport-08/MTC_AR_2008-pages/index.html
Main Website – http://bata.mtc.ca.gov/
Back to the California State CAFR, Notes to Financial Statements, Page 64:
B. Government-wide and Fund Financial Statements
Government-wide financial statements (the Statement of Net Assets and the Statement of Activities) give information on all the nonfiduciary activities of the primary government and its component units. The primary government is reported separately from legally separate component units for which the State is financially accountable. Within the primary government, the State’s governmental activities, which are normally supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The effect of interfund activity has been removed from the statements, with the exception of amounts between governmental and business-type activities, which are presented as internal balances and transfers.
Pension Funds are a special case. It is very important for the reader to understand that the world-wide pension system (including Social Security and Medicare funds) is the government’s main tool to funnel massive amounts of taxpayer money into these investment funds schemes. This is taxpayer money being contributed (given) to these pension funds with no benefit to the majority of the taxpayers in the State (only benefits State employees), and these taxpayer contributions are added on top of what these actual state employees contribute. The employees themselves have no equity in the taxpayer portion of contributions that are given over to the pension funds, and is the property of the government fund – NOT THE EMPLOYEES!!!
According to the chart on page 234 of the California State CAFR, the contributions to these pension funds were as follows:
Total Contributions To All Pension Systems – $18,723,324,000
Contributions from Employees (Members) – $6,699,601,000
Contributions from Employers (Taxpayers) – $12,023,723,000
Remember that the so-called budget deficit that was quoted by the Governor for 2012 was only $15.7 billion, revised from $9.2 billion.
And yet here are the taxpayers being forced by law to contribute to this pension investment scheme with no benefit whatsoever to the non-state employed taxpayers.
This means that the 37,691,912 people who lived in California as of July 1, 2011 paid over $12 billion to support only State employees by allowing the California Government to give their taxpayer funded money to the pension fund system. This does not include federal, county, and local contributions of taxpayer money to those other pension systems.
(Page 83) – Schedule of Investments – Fiduciary Funds, as of June 30, 2011
Investment Type Fair Value
Equity securities …………………………. $199,780,401,000
Debt securities* …………………………… $91,576,952,000
Mutual funds ……………………………… $10,200,315,000
Real estate …………………………………. $38,232,098,000
Inflation linked …………………………… $8,126,757,000
Insurance contracts ……………………… $1,591,300,000
Private equity …………………………….. $57,537,268,000
Securities lending collateral ………….. $45,620,619,000
Other………………………………………….. $3,822,956,000
……………………………………………………………………………………………………….
Total investments ……………………. $456,488,666,000
………………………………………………………………………………………………………..
But perhaps the hardest thing to contemplate about this Pension System scheme is this (Page 235)…
After all benefits were paid to the employees of these pension funds, the fund’s investment return grew by an astonishing $67,974,593,000 in one year, compared to the 2010 CAFR.
This means that while the governor of California is declaring a deficit over the entire state budget of $15 billion, the State’s pension fund investment schemes in total gained over $67 billion for the same year!
And the Governor says: (que evil laugh) Let’s cut taxpayer services or I’ll cut even MORE funding to schools!!!
NOTE 10: LONG-TERM OBLIGATIONS (Page 107)
“As of June 30, 2011, the primary government had long-term obligations totaling $163.9 billion. Of that amount, $5.8 billion is due within one year.”
So all it would take to get California out of debt would be $163,900,000,000 ???
That’s it?
You better believe it!!!
But there is one big problem… Government likes debt. Debt is profitable. And so government is in a continuous cycle of borrowing and bonding money… FROM ITSELF!!! One government or fund will loan to another. Government funds makes loans and creates corporate bonds to banks and corporations. The whole shell game is about creating and sustaining debt to ensure future taxation for more investment opportunities in the future. The thought of paying off all debt would be like asking pharmaceutical companies to develop a cure for disease… It ain’t going to happen!!! They’d be out of business if they cured the thing they treat the symptoms of… and so too would a majority government bureaucracy be redundant and unnecessary if government did not promote perpetual debt.
So let’s add up what we’ve found here today, and see if California could pay off its debt tomorrow and never have to issue a taxpayer bond ever again…
From the CAFR above, we had:
TOTAL IN SPECIAL REVENUE FUNDS = $20,648,388,000
TOTAL IN DEBT SERVICE FUNDS = $484,712,000
TOTAL IN CAPITAL PROJECTS FUNDS = $1,589,456,000
TOTAL IN BUILDING AUTHORITY FUNDS = $86,174,000
TOTAL IN INTERNAL SERVICE FUNDS = $574,355,000
TOTAL IN ENTERPRISE FUNDS = $3,612,964,000
TOTAL IN PRIVATE PURPOSE TRUST FUNDS = $4,625,181,000
TOTAL IN AGENCY FUNDS = $18,444,563,000
TOTAL IN NONMAJOR COMPONENT UNITS = $2,874,358,000
TOTAL IN MAJOR GOVT FUNDS = $7,888,786,000
TOTAL IN PROPRIETARY FUNDS = $-2,806,744,000 (deficit)
TOTAL IN MAJOR COMPONENT UNIT FUNDS = $91,319,843,000
Of this is listed as “Investments” = $55,000,000,000
INDEPENDENT SYSTEM OPERATOR (as of Feb, 2012) = $875,764,000
CEA – TOTAL AVAILABLE CAPITAL (after liabilities) = $3,753,367,495
BATA – TOTAL FUND BALANCES = $3,175,070,238
TOTAL PENSION TRUST FUND INVESTMENTS = $456,488,666,000
—————————————————————————————————————-
TOTAL FOR ALL INVESTMENT FUNDS = $577,315,060,000 (approx)
And so now you know… the Government is lying to you.
It promotes debt and hides assets.
This should not be construed as the only hidden wealth in the California State government… just the wealth we have uncovered today.
And you must understand that this is only the State government’s CAFR. Each County, city, district, and other local governments and pension funds have their own CAFR’s with their own funds and hidden wealth – hidden in plain sight. Totals for Los Angeles, San Francisco, and other counties and municipalities in California will, when combined together, dwarf the investment wealth of the State government alone.
They will tell you that some of these investments are restricted and not able to be used for taxpayer services. And as a taxpayer, that should really piss you off!
They will also tell you that laws are in place that don’t allow these funds to be transferred for other purposes other than what they are designated for. And yet Obama and State legislators continuously speak of raiding the pension funds for their own benefit. In their opinion, it’s government’s money after all, not the employees or the taxpayers. But of course it is the law-makers that are telling you this nonsense. Law-makers… Get it? They make the laws. They can break them too, or create better ones that would pay off all debt and significantly lower taxes and downsize government tomorrow.
But then, the people would actually have to force this to happen…
Are there any real people out there?
Sometimes I wonder…
For a deep explanation of the Pension Fund System, watch this:
Other websites for CAFR info:
CAFR1.com
TaxRetirement.com
TheCorporationNation.com
RealityBloger.wordpress.com
CAFRMAN.com
–Clint Richardson (realitybloger.wordpress.com)
–Friday, May 25, 2012
This in from Dawn Winkler regarding AB2109:
The Senate Rules committee met yesterday (May 23rd) and AB2109 did not get referred out to any committee. We do expect it to be referred out next Wednesday to Senate Health and potentially another committee. Please continue to contact your own Senator and educate them on the reasons AB2109 should be opposed. We hope to notify everyone of the committee assignment next Wednesday. It's usually not a bad thing for a bill to be hung up for a week, but in this case, no one really knows what exactly is going on other than you can be sure Dr. Pan is lobbying as many Democrats as he possibly can doing his little brown bag lunches and talking about how the Olympics is coming and we're all going to catch measles.
Dawn Winkler
CA State Co-Director
National Vaccine Information Center (NVIC) www.nvicadvocacy.org
Executive Director
Health Advocacy in the Public Interest (HAPI)
hapi.vaxinfo@gmail.com
530-283-1018
970-209-3919 cell
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Thanks to Clint Richardson for doing this research and publishing the following:
I just broke down the California CAFR, and thought you'd like to know I found about $577 billion in investment funds.
I think that will pay for the "deficit".
Hell, it could pay off all of California's debt 4 times!
California Government Hides Billions From Taxpayers
The Big Lie
Over the past weekend, Gov. Jerry Brown of California took to the safety of YouTube to reveal that the Golden State’s budget deficit is now $15.7 billion, far greater than the original $9.2 billion estimate in January. (CNN, May 15, 2001)
The Simple Truth
The State Government of California has $100′s of billions in liquid investments and assets, could easily pay off all of its debt tomorrow, and would have $100′s of billions left over.
What if I could show you over $577 billion in investment fund balances that aren’t being reported by the California State Government on its budget report?
Well that is what I’m about to do…
In this article we will once again show the purposeful omission of massive amounts of wealth by your government. If you live in California, this may well be the most important thing that you read this year. If you live elsewhere… rest assured that the same holds true in your State, County, Municipality, School and other districts.
In what can only be called a recently government produced propaganda video, California Governor Jerry Brown is addressing and purposefully lying to the people of California, where he nicely threatens to cut school funding by multiple billions if the people of the State do not vote in favor of his new budget plan:
“Gov. Jerry Brown’s 2012-13 budget would slash $5.2 billion in public school funding if voters reject the tax increases he is trying to put on the November ballot…”
(Source) http://www.scpr.org/news/2012/01/05/30670/gov-jerry-browns-budget-be-released-early-after-it/
So… is California in such a financial deficit, as the Governor and his proposed and revised budget plan so matter-of-factly states?
This is the question that we will be answering today. But in order to answer this question, we must go to the true source of financial auditing for government, the Comprehensive Annual Financial Report (CAFR). This report – the full accounting of government and its investments – is virtually never spoken of publicly. It is not mentioned on the nightly news. And it is not referred to when addressing the people about taxpayer issues and budgetary considerations and shortfalls. In short, this CAFR report is the Holy Grail of government accounting; very difficult to read and comprehend, and worse of all… it is hidden in plain sight.
Here is a link for the 2011 Comprehensive Annual Financial Report (CAFR) for the State government (corporation) of California – a 300 page, independently audited report required by federal law, and which will be the subject of the following information.
LINK–> http://www.sco.ca.gov/Files-ARD/CAFR/cafr11web.pdf
And for previous years back through fiscal year 1999:
LINK–> http://www.sco.ca.gov/ard_state_cafr.html
Now, the first thing that must be understood is the difference between the partial “budget report” as referred to above by the Governor, and that of the Comprehensive Annual Financial Report – which is the full audit of the California government. The following paragraph is taken directly from the 2011 CAFR report, and explains this difference quite succinctly…
On page 200, the 2011 California State CAFR explains the following (emphasis mine):
“On a budgetary basis, the State’s funds are classified as either governmental cost funds or nongovernmental cost funds. The governmental cost funds include the General Fund, most of the funds that comprise the Transportation Fund, and many other funds that make up the nonmajor governmental funds reported in these financial statements. Governmental cost funds derive their revenue from taxes, licenses, and fees that support the general operations of the State. The appropriations of the budgetary basis governmental cost funds form the annual appropriated budget of the State.
Nongovernmental cost funds consist of funds that derive their receipts from sources other than general and special taxes, licenses, fees, or state revenues and mainly represent the proprietary and fiduciary funds reported in these financial statements. Expenditures of these funds do not represent a cost of government and most of the nongovernmental cost funds are not included in the annual appropriated budget…”
And so we can see that governments participate in many business activities; and we must first and foremost understand that a large portion of liquid investment assets are held within what the government calls “non-governmental” activities, including “Enterprise Operations”. These investment assets are usually kept in what are called “Investment Funds”.
But government is only obligated (by its own law) to report what it refers to as “governmental” or “taxpayer” activities to the citizenry on its “Budget/Appropriations Report”. Tax in… Tax out…
In short, the Governor of the great corporate State of California is lying to his taxpayers through the act of omission of these CAFR facts, by only referring to a hand selected portion of that CAFR, which is called the State’s annual budget report. While this should be tried as perjury, the laws of the State/Federal government protect him from this ever happening.
To help in your understanding, let’s say that you were to have a checking account with $1,000 and a savings account with $10,000 in two different banks, and that you only reported to the government that you had $1,000 dollars as your net worth because you don’t want to use your savings account to pay bills (taxpayer obligations) to government. You’d be audited and put in a federal debtor’s prison. But for government, the simple designation of “non-governmental” or “non-taxpayer” income and investment returns allows them to hide all of this wealth from the people and the “Budget Report”, while never mentioning the funds and wealth in the CAFR report. The only difference is that government does this legally – because government makes its own laws!
Why do they do this?
The answer is simple, really… TO JUSTIFY THE CONTINUATION OF, THE RAISING OF, AND CREATION OF NEW TAXES!!!
Taxation is nothing more than revenue generation. And much of that taxpayer money ends up in non-governmental corporations and investment funds.
Think of a manager of any department in any private corporation whom, at the end of the fiscal year has $10,000 dollars left over in his expense account. If he doesn’t spend that money, he will be appropriated $10,000 less for his budget in that next fiscal year because he was given too much for the current year. So he purchases extra supplies his department doesn’t need and maybe even spends $1,000 extra so that he gets even more money appropriated for the next year. As long as government shows a budget report to the people (taxpayers) that excludes many of its assets because they are non-governmental (non-taxpayer obligated) assets, it can continue each year to claim the need for more taxation and more debt because it is funneling so much money into these nongovernmental investment funds.
Here is a list of ending balances of all of the governmental and nongovernmental “Investment Funds” that the California State Government was holding onto for the year 2011:
Nonmajor governmental funds account for the State’s tax-supported activities that do not meet the criteria of a major governmental fund. Following are brief descriptions of nonmajor governmental funds.
Special revenue funds account for the proceeds of specific revenue sources, other than debt service or capital projects, that are restricted or committed to expenditures for specific purposes.
Page 194 – (chart) “Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Nonmajor Governmental Funds” – as of June 30, 2011:
Business and Professions Regulatory and Licensing Fund – $1,396,449,000
Environmental and Natural Resources Fund – $8,683,305,000
Financing for Local Governments and the Public Fund – $5,273,511,000
Cigarette and Tobacco Tax Fund – $253,300,000
Local Revenue and Public Safety Fund – $44,520,000
Health Care Related Programs Fund – $947,552,000
Trial Courts Fund – $1,522,274,000
Golden State Tobacco Securitization Corporation Fund - $619,754,000
Other Special Revenue Programs Fund - $1,907,723,000
————————————————————————————-
TOTAL IN SPECIAL REVENUE FUNDS = $20,648,388,000
————————————————————————————-
Debt service funds are used to account for the accumulation of resources for and the payment of principal and interest on general long-term obligations.
The Economic Recovery Bond Sinking Fund – $484,712,000
The Transportation Debt Service Fund – $0.00
————————————————————————————-
TOTAL IN DEBT SERVICE FUNDS = $484,712,000
————————————————————————————-
Capital projects funds are used to account for and report financial resources that are restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities and other capital assets.
Prison Construction Fund – $2,938,000
Higher Education Construction Fund – $604,202,000
Natural Resources Acquisition and Enhancement Fund – $56,584,000
Hospital Construction Fund – $411,814,000
Local Government Construction Fund- $499,973,000
Other Capital Projects Funds – $13,945,000
————————————————————————————-
TOTAL IN CAPITAL PROJECTS FUNDS = $1,589,456,000
————————————————————————————-
Building authorities are blended component units that are created by joint-powers agreements between local governments and the State or other local governments for the purpose of financing the construction of state buildings. The funds account for bond proceeds used to finance and construct state buildings and parking facilities.
East Bay Building Authority – $22,404,000
Los Angeles Building Authority – $12,604,000
San Francisco Building Authority – $30,547,000
Oakland Building Authority – $8,333,000
Riverside Building Authority - $1,245,000
San Bernardino Building Authority – $11,041,000
————————————————————————————-
TOTAL IN BUILDING AUTHORITY FUNDS = $86,174,000
————————————————————————————-
Internal service funds – (Page 206) account for state activities that provide goods and services to other state departments or agencies on a cost reimbursement basis. Following are brief descriptions of the internal service funds.
Architecture Revolving Fund – $-25,228,000
Service Revolving Fund – $-52,412,000
Prison Industries Fund – $203,827,000
Office of Systems Integration Fund – $-1,348,000
Technology Services Revolving Fund – $130,079,000
Water Resources Revolving Fund – $0.00
Financial Information Systems Fund – $-28,915,000
Other internal service program funds – $348,352,000
————————————————————————————-
TOTAL IN INTERNAL SERVICE FUNDS = $574,355,000
————————————————————————————-
Enterprise funds – (Page 218) – account for operations that are financed and operated in a manner similar to private business enterprises, where the costs of providing goods or services to the general public on a continuing basis are intended to be financed or recovered primarily through user charges.
High Technology Education Fund – $34,907,000
State Water Pollution Control Revolving Fund – $3,172,928000
Housing Loan Fund – $159,679,000
Other enterprise program funds - $245,450,000
————————————————————————————-
TOTAL IN ENTERPRISE FUNDS = $3,612,964,000
————————————————————————————-
Private purpose trust funds account for all trust arrangements, other than those properly reported in pension and other employee benefit trust funds or investment trust funds, under which principal and income benefit individuals, private organizations, or other governments.
The Scholarshare Program Trust Fund – $4,521,770,000
The Unclaimed Property Fund – $102,534,000
Other Private Purpose trust funds - $877,000
————————————————————————————-
TOTAL IN PRIVATE PURPOSE TRUST FUNDS = $4,625,181,000
————————————————————————————-
Pension and other employee benefit trust funds – (Page 234) – account for transactions, assets, liabilities, and net assets available for pension and other employee benefits of the two public employees’ retirement systems that are fiduciary component units and for other primary government employee benefit programs.
Public Employees’ Retirement Fund (CalPERS) – $241,761,791,000
Public Employees’ Health Benefits Fund (CalPERS) – $1,866,877,000
State Teachers’ Retirement Fund (CalSTRS) – $155,345,815,000
Teachers’ Health Benefits Fund (CalSTRS) – $598,000
Deferred Compensation Fund – $9,365,582,000
Judges’ Retirement Fund (CalPERS) – $54,146,000
Judges’ Retirement Fund II (CalPERS) – $575,833,000
Legislators’ Retirement Fund (CalPERS) – $123,476,000
State Peace Officers’ and Firefighters’ Defined Contribution Plan Fund (CalPERS) - $499,873,000
Supplemental Contributions Program Fund (CalPERS) – $19,658,000
Other pension and other employee benefit trust funds – $10,117,000
————————————————————————————-
TOTAL IN PENSION/EMPLOYEE BENEFIT FUNDS = $409,623,766,000
————————————————————————————-
Agency funds - (Page 238) – account for the receipt and disbursement of various taxes, deposits, deductions, and property collected by the http://realitybloger.wordpress.com/wp-admin/post.php?post=1607&action=edit&message=10State, acting in the capacity of an agent, for distribution to other governmental units or other organizations.
Receipting and Disbursing Fund - $16,599,601,000
Deposit Fund – $1,793,962,000
Other agency activity funds – $51,000,000
————————————————————————————-
TOTAL IN AGENCY FUNDS = $18,444,563,000
————————————————————————————-
Nonmajor component units are legally separate entities that are discretely presented in the State’s financial statements in accordance with GAAP. The inclusion of component units in the State’s financial statements reflects the State’s financial accountability for these entities.
California Alternative Energy and Advanced Transportation Financing Authority – $1,661,000
California Infrastructure and Economic Development Bank – $270,736,000
California Pollution Control Financing Authority – $4,015,000
California Health Facilities Financing Authority - $66,172,000
California Educational Facilities Authority – $33,389,000
California School Finance Authority -$158,000
California State University auxiliary organizations – $2,025,810,000
District agricultural associations – $323,244,000
University of California Hastings College of the Law – $144,486,000
San Joaquin River Conservancy – $988,000
California Urban Waterfront Area Restoration Financing Authority – $1,000
State Assistance Fund for Enterprise, Business and Industrial Development Corporation – $3,703,000
————————————————————————————-
TOTAL IN NONMAJOR COMPONENT UNITS = $2,874,358,000
————————————————————————————-
In the “FUND FINANCIAL STATEMENTS”, listed on Page 33 of the CAFR, we also see the following Major Governmental fund balances reported:
(Chart) (Page 36) – “Statement of Revenues, Expenditures, and Changes in Fund Balances Governmental Funds”, for fiscal year 2011:
Federal Fund – $121,554,000
Transportation Fund – $7,767,232,000
————————————————————————————-
TOTAL IN MAJOR GOVT FUNDS = $7,888,786,000
————————————————————————————-
Proprietary Funds (Chart) (Page 42) – Statement of Revenues, Expenses, and Changes in Fund Net Assets:
Electric Power Fund – $0.00
Water Resources Fund – $1,205,431,000
Public Building Construction Fund – $214,665,000
State Lottery Fund – $103,016,000
Unemployment Programs Fund – $-6,879,180,000
California State University Fund – $2,549,324,000
————————————————————————————-
TOTAL IN PROPRIETARY FUNDS = $-2,806,744,000 (deficit)
————————————————————————————-
Major Discretely Presented Component Units (Chart) (Page 52) – Statement of Net Assets – Enterprise Activity:
University of California Fund – $55,793,132,000
State Compensation Insurance Fund – $21,258,923,000
California Housing Finance Agency Fund – $10,196,223,000
Public Employees’ Benefits Fund - $4,071,565,000
————————————————————————————-
TOTAL IN MAJOR COMPONENT UNIT FUNDS = $91,319,843,000
————————————————————————————-
Note: over $55,000,000,000 of this is listed as “Investments“
The other “Capital Assets” (buildings, land, vehicles, etc.)
are not considered “liquid” assets, but rather permanent.
————————————————————————————-
The California Government also has what it refers to as “Related Organizations”, of which it does not report fund balances in its CAFR:
From the “Notes To Financial Statements” section (Page 63):
5. Related Organizations
A related organization is an organization for which a primary government is accountable because that government appoints a voting majority of the organization’s governing board, but for which it is not financially accountable (in the CAFR).
“Chapter 854 of the Statutes of 1996 created an Independent System Operator, a state-chartered, nonprofit market institution. The Independent System Operator provides centralized control of the statewide electrical transmission grid to ensure the efficient use and reliable operation of the transmission system. The Independent System Operator is governed by a five-member board, the members of which are appointed by the Governor and confirmed by the Senate. The State’s accountability for this institution does not extend beyond making the initial oversight board appointments. Because the primary government is not financially accountable for the Independent System Operator, the financial information of this institution is not included in the financial statements of this report.”
Independent System Operator – Total Assets (as of Feb, 2012) = $875,764,000
Source (CAFR) – http://www.caiso.com/Documents/MonthlyFinancialReport-MAR2012.pdf
Main Website – http://www.caiso.com/Pages/default.aspx
California Earthquake Authority (CEA), “a legally separate organization, offers earthquake insurance for California homeowners, renters, condominium owners, and mobile home owners. A three-member board of state-elected officials governs the CEA. The State’s accountability for this institution does not extend beyond making the appointments. Because the primary government is not financially accountable for the CEA, the financial information of this institution is not included in the financial statements of this report.”
“The CEA is the largest earthquake insurer in California, with over 65% of the residential earthquake insurance market; CEA participating insurers are responsible for almost 80% of California’s residential property insurance.”
“The CEA ended 2010 with 811,317 policies-in-force, which represents a 1.38% increase in policy count compared to year-end 2009.”
“In accordance with California Insurance Code sec. 10089.13, subdivision (b), the California Earthquake Authority reports its finances as of December 31, 2010:
Cash on hand – $96,456,862
Stocks or bonds – $4,176,584,412
Premiums receivable – $49,595,737
Assessments receivable – $3,190,830
Interest receivable – $12,350,634
Deferred participating-insurer commissions and operating costs – $40,674,396
Other assets – $1,742,495
————————————————————————————-
CEA – TOTAL AVAILABLE CAPITAL (after liabilities) = $3,753,367,495
————————————————————————————-
Source – CAE CAFR – http://www.earthquakeauthority.com/UserFiles/File/Publications%20&%20Brochures/Annual%20Report%20to%20the%20Legislature%20-%20Reporting%20Year%202010-FINAL.pdf
Main Website – http://www.earthquakeauthority.com/CEAIndex.aspx
Bay Area Toll Authority (BATA), “which is not part of the State’s reporting entity, was created by the California Legislature in 1997 to administer a portion of the toll revenues collected from the San Francisco Bay Area’s seven state-owned toll bridges and to have program oversight related to certain bridge construction projects. In 2005, the California Legislature transferred toll-bridge administration responsibility from the California Department of Transportation (Caltrans) to BATA. This responsibility includes consolidation of all toll-bridge revenue under BATA’s administration. BATA is a blended component unit of the Metropolitan Transportation Commission.”
Balance Sheet for BATA Governmental Funds (June 30, 2008):
General Fund – $44,583,169
AB 664 Net Toll Revenue Reserve Fund – $42,902,139
STA Fund – $123,393,759
Capital Projects Funds – $11,376,935
Nonmajor Governmental Funds – $141,229,755
Proprietary (Enterprise) Funds (Page 25):
Bay Area Toll Authority Fund – $-2,225,847,394
Note: The deficit in this fund is due to transfers out and into other funds of over $930,000,000, as well as grants to CalTrans and other agencies of over $130,000,000 – Remember the example of spending more than you are apportioned each year to show creatively that you are at a deficit?
Service Authority For Freeways And Expressways Fund – $22,991,569
Agency Funds Total (Page 31) – $78,458,845
Nonmajor Funds:
Transit Reserves Fund – $378,485
Rail Reserves Fund – $84,611,153
Exchange Fund – $6,676,355
BART Exchange Fund – $47,549,245
Feeder Bus Fund - $48,509
————————————————————————————-
BATA – TOTAL FUND BALANCES (Page 45) = $3,175,070,238
————————————————————————————-
Source CAFR - http://www.mtc.ca.gov/library/AnnualReport-08/MTC_AR_2008-pages/index.html
Main Website – http://bata.mtc.ca.gov/
Back to the California State CAFR, Notes to Financial Statements, Page 64:
B. Government-wide and Fund Financial Statements
Government-wide financial statements (the Statement of Net Assets and the Statement of Activities) give information on all the nonfiduciary activities of the primary government and its component units. The primary government is reported separately from legally separate component units for which the State is financially accountable. Within the primary government, the State’s governmental activities, which are normally supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The effect of interfund activity has been removed from the statements, with the exception of amounts between governmental and business-type activities, which are presented as internal balances and transfers.
Pension Funds are a special case. It is very important for the reader to understand that the world-wide pension system (including Social Security and Medicare funds) is the government’s main tool to funnel massive amounts of taxpayer money into these investment funds schemes. This is taxpayer money being contributed (given) to these pension funds with no benefit to the majority of the taxpayers in the State (only benefits State employees), and these taxpayer contributions are added on top of what these actual state employees contribute. The employees themselves have no equity in the taxpayer portion of contributions that are given over to the pension funds, and is the property of the government fund – NOT THE EMPLOYEES!!!
According to the chart on page 234 of the California State CAFR, the contributions to these pension funds were as follows:
Total Contributions To All Pension Systems – $18,723,324,000
Contributions from Employees (Members) – $6,699,601,000
Contributions from Employers (Taxpayers) – $12,023,723,000
Remember that the so-called budget deficit that was quoted by the Governor for 2012 was only $15.7 billion, revised from $9.2 billion.
And yet here are the taxpayers being forced by law to contribute to this pension investment scheme with no benefit whatsoever to the non-state employed taxpayers.
This means that the 37,691,912 people who lived in California as of July 1, 2011 paid over $12 billion to support only State employees by allowing the California Government to give their taxpayer funded money to the pension fund system. This does not include federal, county, and local contributions of taxpayer money to those other pension systems.
(Page 83) – Schedule of Investments – Fiduciary Funds, as of June 30, 2011
Investment Type Fair Value
Equity securities …………………………. $199,780,401,000
Debt securities* …………………………… $91,576,952,000
Mutual funds ……………………………… $10,200,315,000
Real estate …………………………………. $38,232,098,000
Inflation linked …………………………… $8,126,757,000
Insurance contracts ……………………… $1,591,300,000
Private equity …………………………….. $57,537,268,000
Securities lending collateral ………….. $45,620,619,000
Other………………………………………….. $3,822,956,000
……………………………………………………………………………………………………….
Total investments ……………………. $456,488,666,000
………………………………………………………………………………………………………..
But perhaps the hardest thing to contemplate about this Pension System scheme is this (Page 235)…
After all benefits were paid to the employees of these pension funds, the fund’s investment return grew by an astonishing $67,974,593,000 in one year, compared to the 2010 CAFR.
This means that while the governor of California is declaring a deficit over the entire state budget of $15 billion, the State’s pension fund investment schemes in total gained over $67 billion for the same year!
And the Governor says: (que evil laugh) Let’s cut taxpayer services or I’ll cut even MORE funding to schools!!!
NOTE 10: LONG-TERM OBLIGATIONS (Page 107)
“As of June 30, 2011, the primary government had long-term obligations totaling $163.9 billion. Of that amount, $5.8 billion is due within one year.”
So all it would take to get California out of debt would be $163,900,000,000 ???
That’s it?
You better believe it!!!
But there is one big problem… Government likes debt. Debt is profitable. And so government is in a continuous cycle of borrowing and bonding money… FROM ITSELF!!! One government or fund will loan to another. Government funds makes loans and creates corporate bonds to banks and corporations. The whole shell game is about creating and sustaining debt to ensure future taxation for more investment opportunities in the future. The thought of paying off all debt would be like asking pharmaceutical companies to develop a cure for disease… It ain’t going to happen!!! They’d be out of business if they cured the thing they treat the symptoms of… and so too would a majority government bureaucracy be redundant and unnecessary if government did not promote perpetual debt.
So let’s add up what we’ve found here today, and see if California could pay off its debt tomorrow and never have to issue a taxpayer bond ever again…
From the CAFR above, we had:
TOTAL IN SPECIAL REVENUE FUNDS = $20,648,388,000
TOTAL IN DEBT SERVICE FUNDS = $484,712,000
TOTAL IN CAPITAL PROJECTS FUNDS = $1,589,456,000
TOTAL IN BUILDING AUTHORITY FUNDS = $86,174,000
TOTAL IN INTERNAL SERVICE FUNDS = $574,355,000
TOTAL IN ENTERPRISE FUNDS = $3,612,964,000
TOTAL IN PRIVATE PURPOSE TRUST FUNDS = $4,625,181,000
TOTAL IN AGENCY FUNDS = $18,444,563,000
TOTAL IN NONMAJOR COMPONENT UNITS = $2,874,358,000
TOTAL IN MAJOR GOVT FUNDS = $7,888,786,000
TOTAL IN PROPRIETARY FUNDS = $-2,806,744,000 (deficit)
TOTAL IN MAJOR COMPONENT UNIT FUNDS = $91,319,843,000
Of this is listed as “Investments” = $55,000,000,000
INDEPENDENT SYSTEM OPERATOR (as of Feb, 2012) = $875,764,000
CEA – TOTAL AVAILABLE CAPITAL (after liabilities) = $3,753,367,495
BATA – TOTAL FUND BALANCES = $3,175,070,238
TOTAL PENSION TRUST FUND INVESTMENTS = $456,488,666,000
—————————————————————————————————————-
TOTAL FOR ALL INVESTMENT FUNDS = $577,315,060,000 (approx)
And so now you know… the Government is lying to you.
It promotes debt and hides assets.
This should not be construed as the only hidden wealth in the California State government… just the wealth we have uncovered today.
And you must understand that this is only the State government’s CAFR. Each County, city, district, and other local governments and pension funds have their own CAFR’s with their own funds and hidden wealth – hidden in plain sight. Totals for Los Angeles, San Francisco, and other counties and municipalities in California will, when combined together, dwarf the investment wealth of the State government alone.
They will tell you that some of these investments are restricted and not able to be used for taxpayer services. And as a taxpayer, that should really piss you off!
They will also tell you that laws are in place that don’t allow these funds to be transferred for other purposes other than what they are designated for. And yet Obama and State legislators continuously speak of raiding the pension funds for their own benefit. In their opinion, it’s government’s money after all, not the employees or the taxpayers. But of course it is the law-makers that are telling you this nonsense. Law-makers… Get it? They make the laws. They can break them too, or create better ones that would pay off all debt and significantly lower taxes and downsize government tomorrow.
But then, the people would actually have to force this to happen…
Are there any real people out there?
Sometimes I wonder…
For a deep explanation of the Pension Fund System, watch this:
Other websites for CAFR info:
CAFR1.com
TaxRetirement.com
TheCorporationNation.com
RealityBloger.wordpress.com
CAFRMAN.com
–Clint Richardson (realitybloger.wordpress.com)
–Friday, May 25, 2012
This in from Dawn Winkler regarding AB2109:
The Senate Rules committee met yesterday (May 23rd) and AB2109 did not get referred out to any committee. We do expect it to be referred out next Wednesday to Senate Health and potentially another committee. Please continue to contact your own Senator and educate them on the reasons AB2109 should be opposed. We hope to notify everyone of the committee assignment next Wednesday. It's usually not a bad thing for a bill to be hung up for a week, but in this case, no one really knows what exactly is going on other than you can be sure Dr. Pan is lobbying as many Democrats as he possibly can doing his little brown bag lunches and talking about how the Olympics is coming and we're all going to catch measles.
Dawn Winkler
CA State Co-Director
National Vaccine Information Center (NVIC) www.nvicadvocacy.org
Executive Director
Health Advocacy in the Public Interest (HAPI)
hapi.vaxinfo@gmail.com
530-283-1018
970-209-3919 cell
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