488 Days

Earlier today the State of California finally issued a Comprehensive Annual Financial Report for the June 30, 2019 fiscal year that ended 488 days ago, the last state to do so. The Securities and Exchange Commission requires big companies to file within 60 days. CAFR’s tell much more than government budgets; e.g., some California budgets have treated borrowings as revenues and ignored expenses through payment deferrals or debt issuances. Still, CAFRs aren’t perfect. Usually the pension and other post employment benefits (OPEB) liability measures in California’s CAFRs are from the prior fiscal year. If that’s also the case this year, that would mean those liability measures are from 853 days ago. Still, we’re glad to see the CAFR and eager to dive in.

Originally posted on Medium, 10/30/20.