SAN FRANCISCO — California Controller John Chiang said he found “glaring holes” in the finances of the city of Hercules during two audits.

The audits of Hercules’ use of state, federal and transportation funds, released Thursday, slammed city staff for shoddy accounting and compliance, allegations disputed by city officials.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.