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Mayor Quan: state wants to claw back $58 million from accounting gimmick

Thursday, April 4, 2013

Oh, about that accounting gimmick Oakland used in 2011 to “sell” the shuttered, historic Henry K. Kaiser Convention Center and other properties to its redevelopment agency—the state says that won’t fly and wants to claw back the money. That’s what Mayor Jean Quan says, even though it isn’t official yet. If so, it means Oakland’s $84 million rainy day fund could shrink by a whopping $58 million, just when unionized city workers are screaming bloody murder about the city hoarding too much cash. Oakland Tribune writes about it.

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