Focus Newsletter The 2016 CAFR: State controller sees red, while state officials see black
April 18, 2017 • Vol. 2017 No. 7
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After each fiscal year, the state controller, a CPA, issues a "Comprehensive Annual Financial Report," or CAFR. The state's CAFR must follow generally accepted accounting principles (GAAP). The state budget does not use GAAP. As a result, the 2016 CAFR reported a $1.72 billion general fund deficit, while a state budget recap for the same year showed a $331 million surplus