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Controller Applauds City of Industry Reform Efforts

Contact: JOHN HILL
(916) 324-2709

SACRAMENTO—State Controller Betty T. Yee, California’s chief fiscal officer, released the following statement regarding the City of Industry’s decision to retain former state Treasurer and Attorney General Bill Lockyer as a reform advisor.

“I applaud Industry for taking seriously the pervasive accounting shortcomings my team found in a review earlier this year. Even before our review was published, the city started to overhaul its procedures regarding contracts, invoices, and credit cards. Now, the City Council has unanimously approved a consulting agreement with the universally respected Bill Lockyer to act as the Independent Reform Advisor. This is a big step in the right direction for Industry.”

As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller also safeguards many types of property until claimed by the rightful owners, and has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation's two largest public pension funds. Elected in 2014, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.