Skip to comments.Analyst: Jerry Brown too optimistic on revenues by $6.5 billion
Posted on 02/27/2012 6:52:31 PM PST by SmithL
Gov. Jerry Brown is counting on $6.5 billion too much through June 2013 even with a Facebook stock sale on the horizon, according to a new review by the state's fiscal analyst.
The nonpartisan Legislative Analyst's Office has taken a more pessimistic view of capital gains in California over the next 16 months, though it acknowledges in its new report that predicting those totals is "notoriously difficult." California's heavy reliance on volatile capital gains income has been a huge reason why the state has found it so difficult to budget in recent years.
The analyst's latest revenue forecast is not that different from its November projection, which translated into Brown being too optimistic by almost the same amount as today's report. Based on that projection, the analyst pegged California's deficit at nearly $13 billion at the time. Brown, using a more optimistic forecast, says the deficit is only $9.2 billion.
The LAO's Jason Sisney says that his office is not ready to update its deficit total because that requires other calculations such as how much schools are owed. But he said "in general it's worse than the governor's January forecast. By how much, we don't know."
(Excerpt) Read more at blogs.sacbee.com ...
Greece is coming to California... sooner than later.
California, the big fat canary in the mine...
The Californian Golden Goose has long ago flown the coop. All that remains are bird brains in charge.
No problem ... Moonbeam can just print up some of those Californicate “IOUs” which are just as good as real money ... well maybe not real money, but money good enough to fool the average Californicate citizen.
Let California fail. The democrat arses and progressives own it all now. Preparing to leave.
“Preparing to leave.”
I am assuming by your “name” that you are currently in that festering cesspool known as Lost Angeles (aka Mexico City del Norte). Good on you for leaving. Soon, if others follow your lead, we won’t have any traffic problems. Just think if the colonists back in the 1740’s decided it was just too much trouble to “fight the British” for their freedom where we would be today. Oh the pain of having to suffer through a period where the RATs are running things into the ground. California will survive after the coming bankruptcy, and it will again be THE place in the US to live. Too bad you will be down there in Texas or some other unappealing place when that occurs.