CA: State overspent by $3.9 billion in fiscal year that just ended, controller says

Sac Bee ^ | 7/11/08 | Judy Lin

[NormsRevenge]

State Controller John Chiang delivered more grim evidence of the state's budget meltdown Thursday.

Chiang's office released cash figures showing that California overspent by $3.9 billion in the fiscal year just ended.

General fund expenditures for the 2007-08 fiscal year that ended June 30 totaled $107.3 billion, while total receipts were $103.4 billion.

Receipts would have been even lower had the governor and Legislature not borrowed $3.3 billion earlier this year.

"Without counting bond proceeds, the gap between last year's revenues and expenditures was more than $7 billion," Chiang said in a statement. "Without a spending plan in place, the state will run out of cash at the end of September and be forced to engage in costly borrowing to cover its bills."

And, lacking a budget, Chiang will be unable to make $1.2 billion in July payments to schools, community colleges, health care providers and vendors.

Also on Thursday:

• The state Senate met in floor session for about an hour and debated 15 non-budget bills.

• The Assembly took the day off.

[NormsRevenge]

If it was a business, the windows would be shuttered and the executives running it would be imprisoned,, and not hanging around in hot tubs smoking cigars.

[NormsRevenge]

KaCHIANG!!!

a possible 2010 candidate for even higher office

if the SS California doesn’t sink first

[kromike]

If I was a dhimmicrat, I'd:

1) Raise taxes on registered Republicans only
2) Raise taxes on any business that makes a profit
3) Lotsa freebies for homeless people and illegal aliens anywhere in the world
4) Oh, and raise taxes some more...

[alloysteel]

When you find yourself in a hole, stop digging.

Nothing, anywhere, in the budget for California that CANNOT be reduced or cut out?

Start selling the oil royalty rights on state-owned land, and start making electrical generation plants legal again in California, so they can turn the huge trash stream into power. Lots of technology for that already exists.

[Maverick68]

The California experiment has failed. Build a wall and give it to Mexico (I know I’m gonna get it now....)

[Right Cal Gal]

Please just let me get out first.

[SierraWasp]

Can we stop the Austrian mad man like we stopped Jerry Brown's mad man, Gray Davis???

We'd better git ready to do preventive defense against a "RECYCLED" Jerry Brown!!! (and it better be a better candidate than Tom Campbell!!!)

[Seaplaner]

I'd like to see a thorough and comprehensive accounting of where the money for education in California goes.

I'd wager that there's tens of billions of waste and fraud right there.

[SierraWasp]

This is jus gittin too shiddy!!! Make it stop!!! Make it go away!!! Make it disappear!!! Wake me when it’s over!!!

[Oldexpat]

The only reason they aren’t bankrupt is their unlimited ability to tax. I hope the the GOP stands fast on the tax issue. The only way this spending will stop is if they come up broke..and renegotiate the employees contracts.
They also need to stop supplying education and medical care to the illegals.
I hope the Arnold enjoys his finaly years in office. He has been a real disappointment.

[FlyVet]

As with the Gore and Kerry runs, Collie Fornia will be frantic for Democrat in the White House this fall. Can you say, “Federal Bailout?” I knew you could.

[SamKeck]

But how can this be? Just a few years ago, Ahnould promised us that his $15 Billion Prop 57 would solve all of the state’s budget problems.

[Oldeconomybuyer]

SACRAMENTO (KABC) — State democrats have proposed a new tax hike to help fill California’s $15 billion budget shortfall.

Democratic leaders announced the plan that would raise taxes on the wealthiest Californians and corporations.

The proposed tax hikes total more than $8 billion. In addition, it would cut $6 billion from education, health care, and public transit.

The proposal leaves the state’s Democrats and Republicans far apart. Both sides have an August 1 deadline to strike a deal.

[ken21]

we need a new governor

and new assembly and senate.

[Publius6961]

But how can this be? Just a few years ago, Ahnould promised us that his $15 Billion Prop 57 would solve all of the state’s budget problems.

The Guvernator lied.
He couldn't defeat the tax-and-spend "girlie-men" in the legislature.

I wonder how many recalls it would take to defeat the 20 worst tax and spend idiots in the California legislature?

Yes, all at the same time!

Would they get the message? If tat were to happen, I'm in!

[cherry]

all states are in the same boat except California gets all the attention because its the glamous big state....

you can't retire police and firemen and teachers and "correction" officiers on their big pensions and medical benefits and expect it not to put you into a huge debt....

its sort of like giving mortgages away to people that have no documentation that they acutally have income....the chickens come home to roost eventually....

[11th Commandment]

The Guvernator lied. He couldn't defeat the tax-and-spend "girlie-men" in the legislature.

"I'm not a real man, I just play one in da movies."

[wac3rd]

You forget HUD housing and food stamps.

[semantic]

About the only advantage illegal immigration brings to the table is that illegals are certainly NOT going to be paying ole' whitey's medical/pension bills.

When they take complete control, we'll see cities/counties/districts renegotiate their civil service contracts and/or go BK. There's no way the Hispanic majority is NOT going to siphon off & re-direct tax money to their own interests.

[goldstategop]

The Democrats don't have the votes! How do you spend money you don't have? If a business or an individual did that, they would be carted off to prison! But government doesn't have to play by the same set of rules it makes for every one else.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus