Auditor: California budget system overhaul will cost $1B

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 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.