It might sound esoteric, but the financial system’s glitches pack a real-world punch to taxpayer pocketbooks, even beyond the cost of the project itself.
California may be home to Google and Apple and towering titans of Silicon Valley, but a billion dollars — and a decade of work — haven’t been enough for the state to fully deploy a modern, functional computer system to track billions in public spending.
“For the third consecutive year, the State will issue late financial statements, resulting in part from state agencies’ challenges in using FI$Cal,” the auditor’s report said. “Timely financial reports are important for the State to maintain a high credit rating and access to federal funding.”The finish line slid from 2016 to 2017 to 2019 to 2020, and then June 2022 — but it won’t be done by then, either, the state auditor said.
“As we described in our two most recent reports, the project office postponed the development of some features, thus reducing the number of key features the system will have when the project formally ends. Some of these features are large and play an important role in the functionality of FI$Cal, such as a feature for statewide loan accounting.
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