Legislative Analyst’s Office
A new report says California state government faces $340 billion in debts, or more than $8,500 for each resident.
The nonpartisan legislative analyst says California is facing a much smaller deficit of $1.9 billion through the end of the next fiscal year and could even see surpluses over the next few years.
California’s budget stands to get a boost from Facebook’s initial public stock offering and Gov. Jerry Brown’s tax initiative, if voters approve it later this year.
State lawmakers and policy analysts are trying to figure out how the tentative federal deal to cut $900 billion over the next decade could affect California and so far, it’s unclear.
The state’s independent analyst is calling for major changes to California’s high-speed rail plans, including delaying the fast-tracked project and taking control away from the independent board that now controls it.