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Headlines : California
Gov. Jerry Brown signs measure to boost state's cash flow
Gov. Jerry Brown signed a bill Friday expanding the state's ability to borrow from dedicated funds to cover day-to-day expenses.
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Headlines : California
California Lawmakers Give Assent to Internal Cash Borrowing
The California Public Employees' Retirement System, the largest public pension in the U.S. with $230 billion of assets, agreed last month to allow the state to delay making a $527 million payment until April to cover state worker benefits.
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Headlines : California
Facebook IPO triggers California budget fracas
he public offering will dominate not only the business blogs, but discussions among budget wonks in the state Capitol in coming weeks. Rough estimates place the expected windfall of state tax revenue from the IPO in the $500-million range.
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Headlines : California
John Chiang says California's cash will dry up if officials don't act
California will run out of cash by early March if the state does not borrow more money and delay some payments, the state's cash manager warned.
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Headlines : Iowa, Nebraska, Arizona, California
States try to stretch park budgets
States are finding different ways to fund parks, including land transfers in Nebraska and reducing staff in Iowa. Officials in Arizona told officials to divest all parks that don't pay for themselves. California, meanwhile, has experienced closing of state parks.
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Gov. Edmung G. "Jerry" Brown
State Capitol
Sacramento, CA 95814
Phone: (916) 445-2841
Fax: (916) 445-4633
http://gov.ca.gov/
Ana Matosantos, Director of Finance
Department of Finance
915 L Street
Sacramento, CA 95814
Phone (916) 445-3878
Fax: (916) 324-7311
www.dof.ca.gov
2012 Legislative Calendar: Regular Session convenes January 4, adjourns August 31.
Assemblyman Bob Blumenfield (D), Chair, Assembly Committee on Budget, (916) 319-2040
Assemblyman Jim Nielsen (R), Vice-Chair, Assembly Committee on Budget, (916) 319-2002
Sen. Mark Leno (D), Chair, Senate Budget And Fiscal Review Committee, (916) 651-4003
Sen. Robert Huff (R), Vice-chair, Senate Budget And Fiscal Review Committee, (916) 324-0922
Assemblyman Felipe Fuentes (D), Chair, Assembly Committee on Appropriations, (916) 319-2039
Assemblywoman Diane L. Harkey (R), Vice-Chair, Assembly Committee on Appropriations, (916) 319-2073
Sen. Christine Kehoe (D) Chair, Senate Appropriations Committee, senator.kehoe@sen.ca.gov (916) 651-4039
Sen. Mimi Walters (R) Vice-Chair, Senate Appropriations Committee, (916) 651-4033
Assemblyman Henry T. Perea (D) Chair, Assembly Committee on Revenue and Taxation, (916) 319-2031
Assemblyman Tim Donnelly (R) Vice-Chair, Assembly Committee on Revenue and Taxation, (916) 319-2059
The current state budget can be found here.
California is required to pass a "balanced budget." California Code Section 13337.5 of state law prohibits the annual budget act from authorizing expenditures in excess of revenues. In 2004 the Constitution was amended to include language to specifically prevent the presentation of a budget bill that would appropriate from the General Fund more than that Fund would receive in revenues. California law forbids the carrying over of a deficit from one year to the next. The State only budgets for expenditures, not revenues.
The California Constitution limits appropriations to the appropriations limit from the previous year, adjusted for inflation and the change in population. This is commonly called "budgeting for fiscal discipline," and is a way to keep the growth of appropriations from outpacing the growth in revenues from year to year.
Unfortunately, the most recently passed budget relies heavily on accounting maneuvers, including moving tax receipts from one year to a next and borrowing $5 billion against future lottery earnings. The lottery borrowing requires the approval of voters in a ballot measure in a special election the Spring of 2009. If the lottery plan is defeated, midyear cuts and other measures to rein in spending are likely. [from the Institute for Truth in Accounting]
Find the state's bond ratings here.
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State Debt :
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HEADLINES: California
California Lawmakers Give Assent to Internal Cash Borrowing
The California Public Employees' Retirement System, the largest public pension in the U.S. with $230 billion of assets, agreed last month to allow the state to delay making a $527 million payment until April to cover state worker benefits.
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HEADLINES: California
John Chiang says California's cash will dry up if officials don't act
California will run out of cash by early March if the state does not borrow more money and delay some payments, the state's cash manager warned.
- View All California articles
Pensions :
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HEADLINES: California
California Lawmakers Give Assent to Internal Cash Borrowing
The California Public Employees' Retirement System, the largest public pension in the U.S. with $230 billion of assets, agreed last month to allow the state to delay making a $527 million payment until April to cover state worker benefits.
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HEADLINES: California, Illinois, New York
Examining the Constitutionality of State Pension Schemes
Many state pension systems are in shambles, and states face the problem of being accountable for the promises made to their residents in the state's highest legal document and balancing their budget for the present and in the future.
- View All California articles
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Solutions: California
Road Map to Recovery
Document that outlines ten steps to return California to prosperity.
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Solutions: Illinois, California, Texas
Amazonian-Size Taxes
Proposals to tax Internet retail sales are all the rage as states continue to look for more ways to balance their budgets in the face of revenue shortfalls.
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Solutions: California
How to Fix California's Public Pension Crisis
Detailing how the state's public pension system broke and how to fix it.
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Solutions: California
California's Debt Bondage
Article explaining that if spending on state bonds could be suspended for a year, $5.45 billion could be sliced from that $20 billion deficit and arguing that special itnerests should not be permitted to put bonds on the ballot.
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Solutions: Illinois, Indiana, Virginia, California, Louisiana, Colorado
What Works: Fixing State Budgets
Paper suggesting a variety of ways to fixing state budgets in crisis, including freezing or slowing public employee salary growth, privatizing infrastructure and state operations, eliminating prevailing wage and placing constitutional limits on taxing and spending.
- View All Solutions
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California
California Lawmakers Give Assent to Internal Cash Borrowing
The California Public Employees' Retirement System, the largest public pension in the U.S. with $230 billion of assets, agreed last month to allow the state to delay making a $527 million payment until April to cover state worker benefits.
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California, Illinois, New York
Examining the Constitutionality of State Pension Schemes
Many state pension systems are in shambles, and states face the problem of being accountable for the promises made to their residents in the state's highest legal document and balancing their budget for the present and in the future.
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California, Kentucky, New Hampshire , Texas, Michigan, Indiana, Montana, Nevada
Public workers pay to add work time, costing state pensions
In 21 states, certian public employees can increase their pensions by buying credit for extra years, even though they did not work in those years.
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California
Assets of major public pension funds slid 8.5% in third quarter
The stock market's summer slide took a toll on public pension funds, with the assets of the 100 largest ones down 8.5% in the third quarter of 2011, the Census Bureau reported Wednesday.
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California
Poll: Government workers favor lower pensions for new hires
Gov. Jerry Brown is proposing a so-called "hybrid" plan that blends defined benefit and defined contribution schemes. One of two measures backed by California Pension Reform would put new workers in a straight defined contribution plan.
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