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Letters to the Editor • CAFRs - Your Government's Wealth Shown

California Stashes Cash in Trust Funds !

 The other Budget you never knew about:
 

You Comprehensive Annual Financial Report - CAFR Government\'s true wealth ...will love this part Page 17

 

 

 

Fiduciary Funds

 

The State of California has four types of fiduciary funds: private purpose trust funds, pension and other

 

employee benefit trust funds, investment trust funds, and agency funds. The private purpose trust funds ended

 

the fiscal year with net assets of $2.7 billion. The pension and other employee benefit trust funds ended the

 

fiscal year with net assets of $432.3 billion. The State’s only investment trust fund, the Local Agency

 

Investment Fund, ended the fiscal year with net assets of $19.7 billion. Agency funds act as clearing accounts

 

and thus do not have net assets.

 

For the year ended June 30, 2007, the fiduciary funds’ combined net assets were $455 billion, a $73.5 billion

 

increase from prior year net assets. The increase in net assets was mainly attributable to investment income

 
and an increase in the fair value of investments of retirement funds.