Fraud, waste, and abuse in California could hit $250 billion, according to a new analysis of hundreds of whistleblower tips commissioned by Republican gubernatorial candidate Steve Hilton and state controller candidate Herb Morgan.

The “Califraudia” preliminary report alleges a systematic looting from state agencies. The duo claimed Monday that the eye-popping, multibillion-dollar estimate underscores the “urgent need for formal investigation and audit” as a matter of “basic fiscal responsibility.”