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California could fall over two years behind in its financial reporting by fall 2021, according to California Policy Center senior fellow Edward Ring.
The latest Comprehensive Annual Financial Report (CAFR) on the California state controller s website, which was released in October 2020, is for fiscal year 2019, which ended on June 30, 2019.
Ring claims that the nearly year-and-a-half delay for the state to publish a report of its financial performance makes any in-depth detailed financial information about the State of California well over a year out of date. By the time the fall of 2021 rolls around, even if it’s a normal year, information about the financial performance of state agencies will be well over
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The financially troubled Providence, R.I., pension system has placed more than 9 percent of its total investment portfolio in a Renaissance Technologies hedge fund that lost almost 20 percent last year.
At the end of January, Providence had $33 million of its total investment account of more than $361 million in the Renaissance Institutional Equities Fund, according to a report prepared by its advisor, Wainright Investment Counsel, a Rhode Island consultancy that advises the city on its pension investments. The report was presented to the city’s board of investment commissioners on January 28.
Providence’s investment in the Renaissance fund also fell 5.8 percent in January, with a trailing one-year return of 19.4 percent, according to the report.
“High-risk decisions” and the override of important system controls were two of the several issues involving the Office of Unemployment Insurance and the Unemployment Insurance fund identified.
(The Center Square) - A report published Tuesday by Kentucky Auditor of Public Accounts Mike Harmon found multiple issues with the state’s unemployment program over the past year, including a