Finance: State Budget Deficit Expanding
By | 04/17/08 | 10:44 PM EDT | 0 Comments
More bad news for the state and its local governments according to a report released this week by the California State Department of Finance.
The report in question, highlighted yesterday in the Los Angeles Times revealed that corporate tax receipts came in another billion dollars lighter than expected last month. It is highly feasible that the state's budget deficit could reach $20 billion, and bring additional pressure on calls for increased taxes to help close the gap.
It now appears that deep program cuts will be a reality and that local governments will not be spared any pain. Restoring fiscal discipline in Sacramento this summer is now critical if the state is to preserve its credit rating and have any chance of ensuring the delivery of essential services long-term.
Best wishes to Senator Bob Dutton (R-Rancho Cucamonga) and company. Make us proud.
TAGS: Bob Dutton, Budget, California Department of Finance, Local Government
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