Topic: Public Finance
Report
The state’s fiscal history is riddled with budgets that made permanent obligations— both spending increases and tax cuts — based on temporary revenue increases. After these spikes in revenues disappeared — as they always do— the state was forced to cut programs and raise taxes. This Budget seeks to avoid this unproductive boom‑and‑bust cycle. Instead of using one‑time revenues to spend on permanent programs, it instead uses that money to make the state’s first deposit into its Rainy Day Fund since 2007, repay money owed to our schools, pay off the Economic Recovery Bonds sold to balance the budget in 2004, and make one‑time investments to shore up the state’s aging infrastructure. This Budget also proposes a constitutional amendment to strengthen California’s Rainy Day Fund so we can pay off our longer term liabilities and be prepared for any future decreases in revenue.
News
Jan. 13, 2014
Meanwhile, legislators who voted to abolish redevelopment have been writing proposals to re-establish it, with changes, under some other name.
News
Jan. 13, 2014
Mickelson still lives in California, but other wealthy people say they have moved out mainly or partly because of skyrocketing tax rates. Whether you sympathize or not, millionaires' migrating out of California has serious consequences to the state's bottom line and is something state leaders are watching closely.
News
Jan. 10, 2014
Inside the governor’s 2013-14 budget plan is a proposal to make it easier to for voters to implement infrastructure financing districts, which are similar to redevelopment in that they allow local governments to fund public infrastructure through tax increment financing.
News
Jan. 10, 2014
Gov. Brown summarily rejected the notion of a per-barrel tax on California oil as it comes from the ground, a move that sharply limits the political options of the tax’s backers who hoped to get a bill through the Legislature to raise perhaps $2 billion annually.
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