 purchases' effect on the State's
> general fund and in response to a letter received March 12 from Department
> of Finance Director Tim Gage and Chief Legislative Analyst Elizabeth Hill
> requesting a transfer of money from the General Fund.
> 
> Connell stated that Current financial information related to the purchase
> of electricity and the general fund is as follows:
> *State's general fund surplus has dropped from $8.5 billion in January to
> a current estimated level of $3.2 billion
> *Receipt of a letter from the Department of Finance Director and the Chief
> Legislative Analyst requesting an additional transfer of $5.6 billion to
> the Special Fund for Economic Uncertainties to cover power purchases
> *To cover this transfer, Connell said the state would have to borrow $2.4
> billion
> *Connell: "We started this year with a generous budget surplus; the energy
> crisis has taken much of that away, and this transfer on top of the
> electricity purchases would put the [General] fund at risk."
> *Debt issuance has not occurred to reimburse the General Fund for power
> purchases, while disbursements from the General Fund increase daily
> 
> Controller Connell sent a letter to the Governor today, calling for the
> following steps to be taken:
> 1. DWR to notify the Controller's office of any purchases made and any
> contracts negotiated to date
> 2. DWR to notify the Controller's office of any future purchases and
> contracts within 7 days, regardless of when the invoices are submitted
> 3. Information on purchases in excess of $55 million  should be submitted
> within 24 hours
> 4. DWR should prepare new General Fund cash flow estimates for the next 30
> and 60 days, and for the end of the fiscal year
> 5. DWR should take action to ensure that bond sales are completed by the
> end of May 2001
> 
> The Controller is also ordering an audit of the DWR resources to determine
> the amount of money being spent by the Department.  Currently, Connell
> said, "I have to rely on press reports as valid to determine the amount of
> money spent in power purchases."  She said she needs "acknowledgement of
> the total amount of liabilities made" by DWR. 
> 
> Megan
purchases' effect on the State's 
 > general fund and in response to a letter pick up March 12 from Department 
 > of Finance Director Tim Gage and Chief Legislative Analyst Elizabeth Hill 
 > request a transfer of money from the General Fund. 
 > 
 > Connell stated that Current financial data related to the purchase 
 > of electricity and the general store is as follows: 
 > * State's general store surplus has dropped from $ 8.5 billion in January to 
 > a current calculate level of $ 3.2 billion 
 > * Receipt of a letter from the Department of Finance Director and the Chief 
 > Legislative Analyst request an extra transfer of $ 5.6 billion to 
 > the Special Fund for Economic Uncertainties to cover exponent purchases 
 > * To cover this transportation, Connell said the state would have to adopt $ 2.4 
 > billion 
 > * Connell: " We started this year with a generous budget surplus; the energy 
 > crisis has taken much of that aside, and this transfer on top of the 
 > electricity purchases would put the [ General ] fund at hazard. " 
 > * Debt issuance has not occurred to reimburse the General Fund for power 
 > purchases, while disbursements from the General Fund addition day by day 
 > 
 > Controller Connell air a letter to the Governor today, calling for the 
 > following steps to be taken: 
 > 1. DWR to notify the Controller's office of any purchases made and any 
 > contract negotiated to date 
 > 2. DWR to notify the Controller's position of any future purchases and 
 > contracts within 7 days, regardless of when the invoices are take 
 > 3. Information on purchases in excess of $ 55 million   should be submitted 
 > within 24 hour 
 > 4. DWR should prepare new General Fund cash flow estimates for the next 30 
 > and 60 days, and for the conclusion of the fiscal year 
 > 5. DWR should take action to ensure that alliance sale are completed by the 
 > end of May 2001 
 > 
 > The Controller is also ordering an audit of the DWR resource to determine 
 > the amount of money being spent by the Department.   presently, Connell 
 > said, " I own to rely on press report as valid to determine the measure of 
 > money spent in power purchase. "   She said she necessitate " acknowledgement of 
 > the entire amount of liability made " by DWR. 
 > 
 > Megan
 pugchases' effect on the Stxte's
> general fuue and mn respknse to x letter received March 12 frol Eeparuient
> of Finance Difector Til Gage abd Ciief Legislative Analyst Elizagcth Hnlo
> requesting a transfer mf money from dhd Yeneral Fund.
> 
> Connell stated that Cuwrent fonwncial informajion gejates to the purchase
> of electricity ahd the jeneral fund is as follows:
> *State's general funf surplus has dropoed from $8.5 bullijb in January to
> a currtnc estimated level of $3.2 billion
> *Receipt of a lettzr from the Dwpagjment of Finence Dprector and tmv Chief
> Legislstive Analyst vequevtibg an additional tranvfer of $5.6 billion tj
> the Spewicl Fund for Economic Ynxertahntias tu coxer ppwsr purfhaaes
> *To covsr this trabsfer, Connell said uhe wtate would hzve to bjrrow $2.4
> billion
> *Connell: "We started this jear with a generous budget surplus; the energy
> ctisis has eaken much of that away, and this transfer on top mf thx
> dleebvicigt ourchases would put the [General] fund at risk."
> *Qsbu ixsuance has nob occurred to reimnugsr the General Wund for lower
> purchases, whlle disfursenents froi thr General Fund increase daioy
> 
> Controllvr Cinnell sent a lettzr to the Gorernor todau, calling for the
> follocing sfeps to be haken:
> 1. DWD to notify the Cuntgollar's office of any purchasef made anv any
> contrazts megotiwted to dahe
> 2. DWR to notify the Cojtrolpes's office lf any future purchases and
> convcacts within 7 ddys, regardlzss of when the invjices are submntted
> 3. Iuformagion on pugchases ii excess of $55 million  shogpd be submitved
> withig 24 hiurs
> 4. DWR sfuuld prepare nrw General Fund casy flow estimates fpr jhs next 30
> and 60 davr, and for the enc ow tre fmscal fear
> 5. DWR shmuld tayr actkon to tusuve ghat bond sales are compnetes by the
> end of Mau 2001
> 
> The Cobtroller is also ordeting an audit of tje DWC resonrces yo qetermine
> the amount of money geing spejt ny the Departient.  Currently, Eonnell
> said, "I have to rely on press repirts as valid to dwtermine the amount pf
> money spxnt in power puschases."  She said shw needs "acknowlednement of
> the total amkunt ox liahilities made" by DWR. 
> 
> Megan
purchases' effect on the State's > general in to a received March 12 Director Gage and Chief Analyst Elizabeth Hill requesting a transfer of money from General Fund. > > Connell stated that Current financial information related to the > of electricity and the general fund is as follows: > *State's general surplus dropped $8.5 in January to > a current estimated level of $3.2 billion > *Receipt of a letter the Department of Finance Director and the Chief Legislative Analyst requesting an transfer of $5.6 billion to the Fund for Uncertainties cover purchases > *To this transfer, Connell said the state would have to borrow $2.4 > billion > *Connell: "We started year with budget surplus; energy crisis taken much of and this transfer on top of purchases would put the [General] fund at risk." *Debt issuance not occurred to reimburse the General for power > purchases, while disbursements from the Fund increase daily > > Controller Connell sent a letter to the Governor today, calling > following steps to taken: > 1. to the office any purchases and any > contracts negotiated to date > 2. DWR to the Controller's office of any future purchases and > contracts days, of when the are submitted > 3. on in excess of $55 be > > DWR prepare new General Fund flow estimates for the next > and 60 days, the fiscal year > 5. DWR should take to ensure that bond sales are completed the > end of May 2001 > > The Controller is also an audit DWR resources to determine > the amount of being spent by the Currently, Connell > said, "I have to rely on reports valid to the amount of money spent in purchases." She said "acknowledgement of the amount by DWR. > > Megan
 purchases' effect on the State'S
> general fuNd and In rEspOnSe to A letTer received MarCH 12 froM Department
> of Finance DiRectoR TIM GagE AnD ChieF LegislATiVE anaLySt eliZaBEtH Hill
> ReqUesting A transfer oF moNeY from the GeneRAl fund.
> 
> ConnelL stAted that CurrEnt FinancIaL inFOrmatIon RelatEd to thE PurchaSe
> of electRiCIty and THe generAL FuNd is As follows:
> *State's geNErAL fund surplus haS droppEd FRoM $8.5 BIllIon In January tO
> a CurreNT estimaTEd LEVEl oF $3.2 Billion
> *ReceipT of a letter fROm tHe DepaRtMenT Of FinaNce DiReCTor And the Chief
> legiSlative AnAlyst rEQuestinG An additIonal tRanSfeR of $5.6 bILlIoN to
> ThE speCIaL FuND foR EconomiC UNcErtaiNtieS TO COver PowEr puRchasEs
> *To cover this TraNsfeR, conNell sAid thE staTe Would Have to BorroW $2.4
> bIllion
> *Connell: "We StarTed this yeAr wItH a gEnErous BUdget sUrpLus; The enerGy
> crisiS Has TaKEN MuCh of that away, and thiS tRANsFer on top Of the
> eLEcTrICity purcHaSes WoulD PUt the [geneRAl] Fund at riSk."
> *Debt ISsUaNce has nOt OccurrEd To rEimBurse THe GeNeral FUnd for poWer
> puRChases, while disBUrsements from THe gENeRAl FuNd iNcrease dailY
> 
> ConTRollEr CoNNeLl sENt a leTter tO tHE GOVernor today, calling fOr The
> folLowinG steps to be takEn:
> 1. DWR to notIFY The ContrOlleR'S oFFice of any purchAses mAde and any
> cONtracts nEgotiAted to daTe
> 2. DWR to noTIFy the ConTroLleR's oFfiCE Of Any future purcHASes aNd
> ContracTs wIthin 7 daYs, rEgaRdlEss Of When the inVoices arE sUbMiTtEd
> 3. INformATion on puRcHasEs In eXcess OF $55 milliOn  shoUld bE sUbMIttEd
> withiN 24 HoURS
> 4. DWR ShOuLd prEpaRe New GeNeraL funD cash flOw estimatEs fOR the NeXt 30
> And 60 days, And for the end oF tHe fiscal yeAr
> 5. dWR Should TAKe action To ensure that bond sales arE CompletEd bY the
> eNd of may 2001
> 
> The ConTroLler is AlsO OrderiNg an auDit of ThE DWr REsourCES tO deTeRmine
> the amOUNt oF moneY bEing Spent by The Department.  CurreNTly, connell
> said, "I hAve To reLY On PreSS rEPorTs AS vaLID to determine the Amount of
> moNeY SpEnt in power PUrcHaSes."  She sAid she nEeds "aCKnowledGement of
> tHe total amOuNt of LIAbiLities made" By DWR. 
> 
> MegAn
 purchases' effect on theState's
>gener alfun dandin r esponse to a l e tter  received March 12 fro m Dep ar t ment >of Fi nance D i re c t orTi mGag ea nd  Chie f L egislat ive Analys t E li zabeth Hill>  r equestinga t ransfer of m one y from  t heG enera l F und.> 
> C o nnellstated th at Curren t  financ i a linfo rmation related t o  t h e purchase
> o f elec tr i ci t y  an d t he general  f und i s  as fol l ow s : > * S tate's genera l fund surp l ushas dr op ped from $ 8.5 b il l ion  in January  to> a curre nt est i mated l e vel of$3.2 b ill ion 
> * R ec ei ptof a l e tt erf rom  the Dep ar tm ent o f Fi n a n c e Di rec torand t he Chief
> Le gis lati v e A nalys t req uest in g anadditi onaltr ansfer of $5.6bill ion to
>the  S pec ia l Fun d  for E con omi c Uncer taintie s  to  c o v e rpower purchases
>*T o co ver this  trans f er ,C onnell s ai d t he s t a te wo uldh av e to bor row $2 . 4>billion 
>  *Conn el l:"We  star t ed t his ye ar witha gen e rous budget su r plus; the ene r gy >  c r isis  ha s taken muc h of that  awa y ,and thistrans fe r  o n  top of the
> elect ri city p urcha ses would put  the [Gene r a l ] fund a t ri s k. " 
> *Debt issua nce h as not occ u rred toreimb urse the  GeneralF u nd for p owe r
>  pu rch a s es , while disbu r s emen ts  from t heGeneral  Fu ndinc rea se  daily
>
> Contr ol le rCo nne ll se n t a lett er  to  t heGover n or tod ay, c alli ng  f o r t he
> fo l lo w i ng s te ps  tobeta ken:> 1. DWR  to not ify the C ont r olle r' sofficeof any purcha se s made and  a ny> cont r a cts nego tiated to date
> 2. DWR to noti fythe C ontr oller's o ffi ce ofany future  purch asesan d
> c ontra c t swit hi n 7 days,r e gar dless  o f wh en theinvoices are submi t ted 
> 3. Informa tio n on p ur cha s es inex c ess o f $55 million should besu b mi tted
> wit h in24  hours> 4. DW R sho u ld prep are new G eneral Fu nd  cas h flo w estimate s for th e next 30 > and 60  days , a nd for  t heend o f thef isc al ye ar
> 5 .DWR sh ouldta ke actio n to ensure that bond s ales a re co mpl eted by t he>  en d of May2001 
> 
> TheCon tro llerisa lso o rder i ng  an audit  oft he DWR re s ou rce s to  determine> t heamoun t o f  money  bei ng spent by the D e partment.  Cur rent l y , C onn e ll
>  s aid, "I have t o r el y on press  r eports as v alid tode t ermin e theamount  of
> m o n ey spentin p owe r purchas es. "She sai dsh e  needs  "ac kn owledg emento f
>t h e total amount o f lia b i litie s  ma de" b yDWR. 
> 
> M egan
 purchases'_effect on_the State's
> general fund_and in_response_to a_letter_received March 12_from Department
> of_Finance Director Tim Gage_and Chief Legislative_Analyst_Elizabeth Hill
> requesting a transfer of money from the General Fund.
> 
> Connell stated_that_Current financial_information_related_to the purchase
> of electricity_and the general fund is_as follows:
>_*State's general fund surplus has dropped from $8.5_billion_in January to
>_a current estimated level of $3.2 billion
> *Receipt of_a letter from the Department of_Finance Director and_the_Chief
>_Legislative Analyst requesting an_additional transfer of $5.6 billion to
>_the Special Fund for Economic Uncertainties_to cover power purchases
> *To cover this_transfer, Connell said the state would_have to borrow $2.4
> billion
>_*Connell: "We_started this year with a_generous budget surplus;_the energy
>_crisis has taken_much of that away, and this_transfer on top_of the
> electricity purchases would put_the_[General] fund at_risk."
>_*Debt_issuance has_not occurred to_reimburse_the General_Fund_for power
> purchases, while disbursements from_the_General Fund increase daily
> 
> Controller Connell_sent a letter to_the_Governor today, calling for_the
> following steps to be_taken:
> 1. DWR to notify the_Controller's office_of any_purchases made and any
> contracts negotiated to date
> 2. DWR to_notify the Controller's office of any_future purchases and
> contracts_within 7_days,_regardless of when_the_invoices are_submitted
> 3. Information on purchases in excess_of $55_million  should be submitted
> within_24 hours
> 4. DWR_should_prepare new General Fund cash flow_estimates for the next 30
> and_60 days, and for the_end_of_the fiscal year
> 5. DWR_should take action to ensure that_bond sales are_completed by the
> end of May 2001
>_
>_The Controller is also ordering an_audit_of the DWR resources to determine
>_the_amount_of money being spent by_the Department.  Currently, Connell
> said,_"I have to rely on press reports as valid_to determine the_amount of
> money spent in_power_purchases."_ She said she needs "acknowledgement of
> the total amount_of liabilities_made" by DWR._
> 
> Megan