Skip to comments.California Governor's budget has surprise: a surplus!
Posted on 01/11/2013 8:23:20 AM PST by SeekAndFind
SACRAMENTO, California (Reuters) - California's budget deficit is gone after years of financial troubles, Governor Jerry Brown said on Thursday, proposing a state budget plan that would raise spending on education and healthcare, boosting total expenditures by 5 percent with a surplus remaining.
But Brown vowed to push back at legislators eager to increase spending even more by restoring the billions of dollars to social services and other state programs cut in lean years.
"I am determined to avoid the fiscal mess that the last few governors had to deal with," Brown told reporters as he introduced his budget plan for the 2013-14 fiscal year beginning in July. Leading Democratic legislators agree with his plan.
California's economy melted down with the housing market, slashing the state's revenue, but it is finally on the mend. For years the state's leaders have tackled budget deficits with a combination of deep cuts and accounting gimmicks. The projected surplus is now the latest surprise.
Businesses are hiring again and voters in November approved temporary hikes to the state sales tax and income tax rates on wealthy taxpayers.
California's job growth tops the national average, unemployment has fallen to below double-digit levels for the first time in nearly four years and more money is expected to flow into state coffers from the voter-approved tax increases.
The state Department of Finance projected unemployment will fall to 9.6 percent this year and 8.7 percent in 2014.
Brown's budget plan projects $98.5 billion in revenues and transfers and plans spending of $97.7 billion, according to the proposal published on the state Department of Finance website.
That would leave a surplus of $851 million, in addition to a projected $785 million surplus for the current fiscal year,
(Excerpt) Read more at news.yahoo.com ...
LOL, so now a proposed surplus is a surplus.
If you believe that will actually happen without some very exotic accounting gimmicks and assumptions I have some beautiful ocean front property for sale -- on the east side of the Serra Nevada Mountains.
RE: a proposed surplus
You mean they just call it a surplus even when it isn’t?
So it’s all good now. Great, no need for them to pick our pockets in The rest of the country....
Comrades! cried Moonbeam in his eager youthful voice.’ Attention, comrades! We have glorious news for you. We have won the battle for production! Returns now completed of the output of all classes of consumption goods show that the standard of living has risen by no less than 20 per cent over the past year.
`All over California this morning there were irrepressible spontaneous demonstrations when workers marched out of factories, offices and faculty lounges and paraded through the streets with banners voicing their gratitude to Moonbeam for the new, happy life which his wise leadership has bestowed upon us. Here are some of the completed figures. Medicinal marijuana
CA will have a surplus right after Obama has a legitimate birth certificate.
No reason to wait until there’s an actual surplus before declaring there’s a surplus.
What form of unicorn accounting is he using?
I think it is the same on the White House uses. Throw out figures and LIE!
I don't know, lets ask Twilight.
Surplus, my ass.
They’re crowing about this over on DU. It must be true.
From a 16 billion dollar deficit to a surplus in one year? And he accomplished that amazing feat by spending, not cutting. Man, I want Jerry Brown managing my money. (NOT)