A new economic forecast from the Center for Business and Policy Research at the University of the Pacific shows the economy continues to grow despite an uncertain policy environment. But California should expect slower growth compared to recent years. Non-farm payroll jobs are expected to increase 1.5 percent over the next year, half the pace of the previous four years.
In response to this year’s storms and the emergency at Oroville Dam, California Governor Jerry Brown wants to expedite a half-billion dollars in funding for flood repairs and upgrades.
To gain the backing of business groups, moderate Democrats and Republicans, Lapsley said any deal must include measures that speed up approvals for transportation projects and the delivery of money to them.
“I think voters are starting to say, `Wait a minute. We keep raising taxes – where’s it going?’” Nation said. “Well, to a great extent, it’s going to public employee compensation and to pensions, specifically. And I think at some point, voters are going to say, `Not anymore.’”
The agreement includes a $10 per year increase in the vehicle registration fee that funds the Department of Motor Vehicles and California Highway Patrol. It’s effective April 1, 2017.
In California, there is so much solar energy that grid operators have to switch off solar farms. One solution of dealing with the additional power generated is to share the renewable wealth across state borders – but in the West, it’s sparking some not-so-neighborly opposition.
Schools do not stand to lose $5 billion if the tax increases expire. They’d just get $5 billion less than they otherwise would – but they’d still get more money than they did the year before. So it’s not like schools would have to take the drastic steps like cutting class sizes that they did during the Great Recession.
Preliminary numbers show California’s personal income tax collections were about $1 billion short of Gov. Jerry Brown’s projections during the pivotal month of April.
In short, we view a significant majority of what the LAO identified as discretionary resources in the budget as nonrecurring. From a structural standpoint, therefore, California’s fiscal alignment affords considerably less capacity for new ongoing spending initiatives than its current-year bottom line might suggest.
The ratings agency says California may have less money to work with than it appears, as the stock market slows and the state’s retirement costs rise.
Despite recent rains and above-normal snowpack, and increasing reservoir levels, the U.S. Bureau of Reclamation is cautious about this year’s water allocation for California growers.
It turns out “emergency drought relief” can take up to two years to distribute. On Wednesday, California regulators awarded the final pieces of the $680 million drought aid package Gov. Jerry Brown and state lawmakers approved in March 2014.
Brown signaled a willingness to negotiate a new minimum wage increase – on top of the one that just took effect – but says the proposal to raise it to $15/hour would cost the state $4 billion.
Assessed property values in California have jumped six percent over the last year, according to new data released Monday by the state Board of Equalization. That means $3.3 billion in higher revenues for schools and local governments – and higher tax bills for homeowners.
Now that a World Health Organization agency has classified them as carcinogenic, bacon, ham and other processed meats could require warning labels in California.