The total spending increase needed to get CalSTRS, brought low by mismanagement, back to full funding may be the biggest-dollar scenarios ever presented to a California legislative committee. Legislators were told last week an additional $181.7 billion would be needed for full funding in 20 years. If payments are spread out to ease the budget bite, the additional amount needed to reach full funding in 60 years is a staggering $618 billion.
OPINION: The Congressional Budget Office report also shows that under the hike to $9 per hour, 300,000 people would be lifted out of poverty. However, another estimated 100,000 to 200,000 people would lose their jobs. If the wage increases to $10.10 per hour the number of people being raised out of poverty would rise to 900,000 while 500,000 people would lose their jobs.
State Capitol, Sacramento. (Photo: David Monniaux)Californians give Governor Jerry Brown a record-high job approval rating and his budget proposal strong bipartisan support, according to a statewide survey released today by the Public Policy Institute of California (PPIC), with funding from The James Irvine Foundation. The state legislature’s approval rating is a near-record 42 percent among adults and is at 33 percent among likely voters. Both ratings are similar to December. Asked to rate the job performance of their own state legislators, 48 percent of adults and 45 percent of likely voters approve. (Photo: David Monniaux)
Gov. Schwarzenegger unveils budget, 2009It’s a litany of good news in Gov. Jerry Brown’s election-year budget. Safety net programs are being shored up. Debt is being repaid. Revenues are rising.
Except for corporate taxes.
In fact, business tax receipts are falling at the same time hefty profits are being posted by major companies across the country. (AP Photo/Rich Pedroncelli)
An aerial view of the Sacramento-San Joaquin River Delta.The ink was barely dry on the governor’s budget before new legislation emerged in the Legislature to rewrite a multibillion-dollar water bond on the November ballot. Sen. Lois Wolk introduced SB 848 on Jan. 9, which would ask voters for permission to borrow some $6.475 billion for an array of water projects. Two days earlier, Assemblyman Anthony Rendon, D-Lakewood, offered amendments to his $6.5 billion water bond, AB 1331. (Above: Aerial view of the Delta. Photo: worldislandinfo.com),
Gov. Jerry BrownOn his wish list for the next fiscal year, Gov. Jerry Brown has put higher education right near the top. California’s public colleges and universities, Brown said as he unveiled the state budget, “used to be four years and free. Now in many cases it’s six years and expensive.” (Photo: Samantha Gallegos/Capitol Weekly)
Most California public pension funds have the power to raise annual employer rates when they need more money. The California State Teachers Retirement System, a century old this year, is an outlier that needs legislation to raise rates. As lawmakers at the Capitol struggled with budget cuts during a deep economic recession, pleas for a CalSTRS rate increase were not acknowledged with a legislative hearing until last year.
Providing up to 1.4 million driver’s licenses to illegal immigrants will cost $65 million for the Department of Motor Vehicles during the first six months after the law takes effect January 1, 2015, according to Gov. Jerry Brown’s proposed budget plan. DMV plans five new temporary offices to handle the load.
Gov. Brown unveils 2014-15 state budget plan.Gov. Brown has proposed a $106.8 billion state budget for the fiscal year beginning in July that reflects an improving economy, bumps public school funding by more than $6 billion and makes no mention of a $990 million universal kindergarten program sought by legislative Democrats. (Photo: Samantha Gallegos/Capitol Weekly)
Preliminary data from the Franchise Tax Board (FTB) indicate that December 2013 personal income tax (PIT) and corporation tax (CT) revenue collections were a combined $1.6 billion (20 percent) above monthly projections included in the state’s 2013-14 budget plan.