When real accounting methods are applied to California’s government money books, the results are not pretty compared to what the politicians say.

Here’s more from Sierra Sun Times:

California had a net pension liability of $71.76 billion as of June 30, 2016. The state had $228.5 billion in total long-term obligations including bonds, pensions, loans, and leases. 

“After seven years of economic expansion, California is approaching an economic plateau as its rate of growth has started to slow,” said Controller Yee, the state’s chief fiscal officer. “Coupled with our growing long-term obligations, it is clear that the state and local governments must plan future funding strategies to weather the inevitable storm.”