The LAO released a curious document this week. They’ve been doing a lot of thinking about Facebook. On the one hand, who doesn’t spend a lot of time thinking about Facebook? But they’re doing it during working hours, unlike all of you, no doubt. They’ve been wondering how much this week’s IPO means in revenue [...]
This afternoon, Governor Jerry Brown presented his Department of Finance’s revenue forecast for 2011-12 pursuant to Chapter 41, Statutes of 2011 – the so-called “trigger cuts” that were approved as a component of the 2011-12 state budget package. Department of Finance Director Ana Matosantos outlined both the revenue forecast and the resultant reductions that will [...]
What to do with the extra revenue, if any?
Californians awoke this morning to a new legislative environment – one in which the Legislature is limited in its ability to act on new legislation to measures that are urgency matters, include a tax levy, call for an election, or override the Governor’s veto. The 2009-10 Legislature concluded its regular business at midnight and now is in Final Recess.
As the temperature in Sacramento exceeds 100 degrees for the second day in a row, it does not seem to be driving state leaders any closer to resolving what is now the fourth latest budget in state history. In fact, they seem to be drifting even further apart.