Posts Tagged: deficit

LAO: State faces $25 billion budget hole in 2023-24, and more woe later

The California State Capitol in Sacramento. (Photo: Always Wanderlust, via Shutterstock)

by LEGISLATIVE ANALYST'S OFFICE posted 11.16.2022

Under our outlook, the Legislature would face a budget problem of $25 billion in 2023‑24. (A budget problem—also called a deficit—occurs when resources for the upcoming fiscal year are insufficient to cover the costs of currently authorized services.) The budget problem is mainly attributable to lower revenue estimates, which are lower than budget act projections from 2021‑22 through 2023‑24 by $41 billion.

Newsom: Politics, policy and the pandemic

Gov. Gavin Newsom at last year's Gay Rights Day parade in San Francisco. (Photo: Sheila Fitzgerald, via Shutterstock)

by CHUCK McFADDEN posted 06.10.2020

Gov. Gavin Newsom has been riding a high tide of approval from Californians for his handling of the COVID-19 pandemic, but he could be heading for stormy weather. California’s tax revenues are projected to decline more than 22 percent and the state estimates that unemployment for the year will hit  18 percent.

Pandemic raises stakes on sports gambling measure

Accessing an online sports betting site. (Photo: wavebreakmedia, via Shutterstock)

by RICH EHISEN posted 05.06.2020

For the last two years, the legalization of sports wagering in California seemed like a sucker’s bet. A proposed constitutional amendment in the Assembly went nowhere with lawmakers in 2019, and a similar proposal this year was hardly sprinting ahead like Secretariat.  But with the sudden onset of the coronavirus playing havoc with both ballot measures and the state budget, it might be game-on for legalized sports gambling in 2020 after all.

Drought, oil price decline pummel Kern

Pumpjacks in a Kern County oil field, November 2013. (Photo: Christopher Halloran)

by JOHN HOWARD posted 02.02.2015

Oil and water don’t mix, but in Kern County they’ve joined to create a double-whammy. Already confronting a drought of historic proportions, Kern County — the nation’s No. 2 agricultural county — also faces a severe financial hit because of falling oil prices. The county is home to more than two-thirds of California’s oil production.

Brown outlines $6 billion water bond

The dry bed of Ivanpah Lake in San Barnardino County, which had been filled by the 2004-05 rains. (Photo: Ed Berlen)

by JOHN HOWARD posted 08.05.2014

The governor, up for reelection in November, announced the plan on his campaign web site in an open letter to voters. If approved by lawmakers, it would replace the $11.14 billion water bond scheduled to go before voters in November. That bond, delayed for years, was approved in a bipartisan vote in the Legizslature and signed by former Gov. Arnold Schwarzenegger.

Desert Hot Springs is considering bankruptcy for the second time in 12 years. On Tuesday, the city council unanimously approved a fiscal emergency. An emergency declaration is a preliminary step in filing for bankruptcy protection, although there was no indication from council members that a bankruptcy action was coming.