With 58 Counties in California, Where Does Yours Place Financially?
The final two counties in California to release their annual comprehensive financial reports for the year ending June 30, 2022, were Mariposa (Dec. 27, 2024) and
While 49 of the 58 counties stayed roughly in place, nine of them
The year ending in 2022 was a positive one for most municipalities, thanks to the Coronavirus Aid, Relief and Economic Security (CARES) Act and other federal relief funding, like the American Rescue Plan Act (ARPA).
In the top 10 of the counties,
San Benito County had revenues in excess of expenditures of $39.9 million, explaining its $33.8 million reduction in its unrestricted net deficit. This allowed the county to move up four positions into 8th place.
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Orange County's revenues in excess of expenditures was $1.3 billion, which reduced its unrestricted net deficit by $1.33 billion, and made it the biggest mover, jumping eight places up to 16th place. Not bad, as its bankruptcy filing back in 1994, due to the loss of $1.67 billion in its investment pool, had placed this county in 46th place back in 2010. Modifying its retiree medical plan (other post-employment benefit) and employee pension plan contributions had a lot to do with its upward climb.
Many counties improved their unrestricted net positions and still dropped in the rankings, thanks to other counties making better improvements. But a few counties had setbacks.
Although
Kings County had revenues in excess of expenditures of $27.8 million, but had a prior period adjustment that reduced it by $14.9 million. It also restricted $3.7 million in funds and spent $18 million on capital assets, resulting in an increase in its unrestricted net deficit of $8.7 million. It dropped six places.
The revenues in excess of expenditures for
The critical goal is to improve the unrestricted net position. The other is to complete the annual audit, which is the official score sheet, within six months. Of California's 58 counties, 14 accomplished this admirable goal. The next deadline is March 31, and 25 counties were able to meet it. This left 19 counties, or one-third, delinquent. And the county officer responsible for issuing the report holds the title of 'auditor-controller.' Oh, well.
Eleven counties were able to complete the audit work by the end of 2023. I bring this up because a county's financial management team can't make improvements in a timely manner from the recommendations that the auditors customarily provide to correct improper internal controls. It also makes budgeting a difficult chore if the county's supervisors don't have a balance sheet to plan from.
If you live in these more remote counties, or if you're visiting them on vacation, as I have and so should you, then swing by the following halls of administration that also released their annual comprehensive financial reports for 2022 in 2024: Modoc (Jan. 9), Alpine (Jan. 19), Kings (April 5), Plumas (April 9), Imperial (July 19), and Humboldt (July 22). You're going to love the trip, and they're going to get the hint that some of us care about timely reporting.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
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