
LAO Report – “Iceberg, Dead Ahead!”
The Legislative Analyst has put out their report on the state’s finances. Our government is $25.9 billion dollars out of whack. The Sacramento Bee summarized it thusly (in part):
"Gov.-elect Jerry Brown will face a massive $25.4 billion budget shortfall next year – twice as large as legislative leaders were anticipating – according to a new projection from the nonpartisan Legislative Analyst’s Office.
California faces another major budget problem because tax rates are slated to drop next year, the federal government will provide far less relief to states, and state leaders enacted a flimsy fiscal plan last month.
Of the $25.4 billion, $19.3 billion is projected for the 2011-12 fiscal year that begins in July. The remaining… Read More