Posted on 03/30/2013 4:11:30 PM PDT by lowbridge
At end of the week, California's State Auditor released its annual financial report for the state. The report, compiled by Auditor Elaine Howle, found the state has a net worth of -$127.2 billion. If the state were a business, it would be a candidate for liquidation.
CA's financial situation deteriorated this year, largely because the state spent $1.7 Billion more than it collected in revenue. This over-spending worsened the state's debt picture.
"Expenses that exceeded revenues and increased long-term obligations resulted in an 81.4 percent decrease in the total net assets for governmental and business-type activities from the 20-10-11 fiscal year," said the report.
While this report paints a bleak picture of the state's future, it is also unrealistically optimistic.
(Excerpt) Read more at breitbart.com ...
It was the emergency manager for the schools who fired the school board members because he got the authority to do so on Wednesday, Orr doesn’t have that same authority over city council members.
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And take a star off the flag.
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