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| Indiana government $320 million error | |
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| Tweet Topic Started: Dec 6 2011, 06:56 PM (64 Views) | |
| brumdog44 | Dec 6 2011, 06:56 PM Post #1 |
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The guy picked last in gym class
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....$320 million dollars that were lost in the system for four years. Seriously, how in the hell can this happen, and how many people had their livlihoods affected by it? Either people were unnecessarily let go or taxes have been being collected at a rate much too high. http://www.nwitimes.com/news/state-and-regional/indiana/early-christmas-gift-computer-error-nets-state-million/article_73a21def-50e0-557a-9120-4d9f2aa7f17f.html |
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| brumdog44 | Dec 7 2011, 10:05 PM Post #2 |
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The guy picked last in gym class
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No thoughts? I have to say that if Daniels had decided to be in the republican primary, it's my opinion he would be the/one of the front runners....and the media would be eating this up. |
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| sirbrianwilson | Dec 7 2011, 10:10 PM Post #3 |
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Stemlerite
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that's pretty bad. to think of the layoffs in relation to a computer error....it burns. br |
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| yawnzzz | Dec 7 2011, 10:27 PM Post #4 |
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Coach
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Its simply not surprising. If you do the math, that's 0.7% of the funds that flow through that account per year according to the article. You'd be hard-pressed to find a company that doesn't have accounting errors to that magnitude. |
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| brumdog44 | Dec 7 2011, 11:21 PM Post #5 |
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The guy picked last in gym class
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Sorry, but I'm not buying that. That amount represents 20% of the current Indiana government surplus. Show me a company that misplaces 20% of their profit and stays in business. Next show me a single case of a state government that has misplaced funds of that magnitude. Finally, it wasn't like it was .7% of the budget every year for five years....we're not talking about a little trickle that happened from a pipe of water so you couldn't notice that the flow wasn't right, we are talking a faucet that kept producing less water. The first year saw only $4.7 million of the total...the last fiscal budget year saw $140 million. THAT'S 10% OF THE COLLECTED CORPORATE TAX RECEIPTS. |
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| brumdog44 | Dec 7 2011, 11:28 PM Post #6 |
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The guy picked last in gym class
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Last note...the .7% is the general fund number, NOT the amount from corporate tax receipts. The last fiscal year saw approximately $1.4 billion in corporate tax receipts, so from 2007 to 2011 if you figure that amount per year for five years, you are talking about $7 billion in corporate tax receipts....with an error of $320 million, which is between 4 and 5% on a line item. That's huge. |
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| brumdog44 | Dec 7 2011, 11:33 PM Post #7 |
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The guy picked last in gym class
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Computer errors happen all the time. Typical human oversight catches it....and most definitely catches it before five years. The sad fact is that it was caught by an auditor by tracking a single payment....which makes one wonder, what in the hell did the auditors do during the last five years? I thought the job title would describe what they should be doing. |
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| yawnzzz | Dec 10 2011, 04:51 AM Post #8 |
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Coach
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The day I posted that comment I was asked for my opinion on why an accounting report was off by 1.8 million in revenue YTD compared to a sales data warehouse report on the same account, which only netted 80 million per year. I can't speak for what type of systems the state government uses, but many businesses use multiple legacy systems built upon each other where over time reports don't match. Most of these systems were built 20 years ago on your typical 'Green Screen'. When you couple that with most companies off-shoring their IT resources, its very difficult to track down why multiple systems don't match. Picture 3 Indian programmers looking through hundreds of thousands of line of code where none of them understand basic accounting terms, and its pretty easy to see how its looking for a needle in a haystack. |
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| brumdog44 | Dec 10 2011, 10:24 AM Post #9 |
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I understand that, but in this case the e-payment system was set up in 2007. At the very minimum, don't you think they would make sure that at least one payment going through that gets transferred to the general fund? |
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| HoosierLars | Dec 10 2011, 11:05 AM Post #10 |
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3 in a row
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Brum makes a pro-business, anti-government argument... headbang2 |
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7:53 PM Jul 10