SACRAMENTO, Calif. (AP) – The state auditor says the cost of a vast overhaul of California’s financial accounting system has ballooned to over $1 billion while next year’s completion deadline is unrealistic.
A report sent Tuesday to the governor and legislative leaders says cost estimates have increased by more than $400 million since 2012.
The latest estimate doesn’t include significant expenses.
The project is supposed to combine the state’s accounting, budget, cash management and procurement operations into a single modernized system.
But the audit says the June 2020 completion date is misleading and the system will lack key features.
