Tagged: Chiang

A new report shows the unfunded liability for state retiree health benefits in California has grown to more than $63 billion.

As Amy Quinton reports from Sacramento, State Controller John Chiang says some increases in future liability could be prevented.

Chiang says the unfunded obligation for state retiree benefits has grown almost two billion dollars from 2011 to 2012. That’s less than expected because of fewer and less expensive healthcare claims.

California State Controller John Chiang released his monthly revenue report today. Revenues fell way below projections for July, but state finance officials say it’s not so bad.

The controller says July revenues were $475 million short. The State ended the last fiscal year with a cash deficit of $9.6 billion. As of July 31, that cash deficit totaled $18 billion, and is being covered with temporary loans from special funds. State Controller John Chiang called the collections “disappointing.” Republican Senator Tom Harman says he’s concerned the state will run out of cash soon.