Both political parties practice the "Silence is Golden" rule regarding any discussion of CAFR's. All the while the politicians swear that austerity is how to fix the problem they fail to mention the $8trillion in ROI funds sitting in the coffers of all the govt. entities of the State of California.  

  Another dynamite article on CAFR's and how the bulk of the Return on Investment fund is not used by the state to fund the budget shortfalls from less tax revenue. The Govt. of the States always say they have run out of money when in fact if one counts the Return on Investment and Enterprise funds there is more than enough and than some more to take care of any money problems the state in question may have. Look at California's CAFR in the linK :

http://www.washingtonsblog.com/2012/06/cafr-summary-if-600b-fund-cant-fund-27b-pension-16b-budget-deficit-why-have-it.html

CAFR summary: if $600B ‘fund’ can’t fund $27B pension, $16B budget deficit, why have it?

A CAFR consists of 3 part: tax income, return on investment income and Enterprise income. By far the largest fund involves the Return on Investment. So  , if the Return on investment is gargantuous compared to tax revunues, why are the states saying austerity measures have to be instituted? Are they criminal liars because it looks like the funding is availabe from the ROI section of the consolidated annual financial reports.

link:http://www.examiner.com/article/does-california-need-a-600-billion-investment-fund-given-our-austerity

Does California need a $600 billion investment fund given our austerity?