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State Controller details fiscal book-of-record work; unclaimed property program seeks outreach funding
Summary
The State Controller’s Office requested funding for fiscal 'book of record' stabilization and for a public-awareness push for California's unclaimed property program, which holds roughly $15 billion; SCO said new electronic systems and proactive outreach have increased claim processing.
The State Controller's Office briefed the subcommittee on several May Revision requests including continued support for the state's fiscal book of record (FI$Cal transition), payroll system staffing and funding for an unclaimed property public-awareness effort.
Yanvi Ching, budget officer at the controller's office, outlined requests that include consulting services for stabilization and legacy retirement work. Laura Taylor Kerbicek, acting chief of SCO's fiscal division, said the final milestone for the fiscal system is scheduled for July 2026 when fiscal will become the state's accounting book of record.
"All departments will be required to transact in fiscal, general ledger. We will no longer be utilizing SCO's legacy general ledger system as the book of record," Kerbicek said, describing expected benefits such as reduced interfaces, automation, and greater transparency.
Ted Lambert, who oversees unclaimed property at SCO, told the committee the program holds about $15 billion and that June is the largest remit period, when agents typically remit roughly $1.5–2.0 billion. SCO described a shift from paper to electronic claims processing and proactive outreach (preloaded claims, bilingual advertising, targeted mailers using LexisNexis data) to get money back to Californians faster.
LAO and committee members praised improved timeliness for the annual comprehensive financial report and asked questions about the CSPS payroll funding change and audit capacity needs; SCO acknowledged an audit capacity gap and welcomed a dialogue on resource needs for fraud, waste and abuse oversight.
