News

The Budget: By The Numbers

$42 billion
 Billions of dollars making up the package of solutions the Legislature and Governor agreed upon to try and close the $20 billion dollar shortfall.

$8 billion
 The revenue shortage estimated in the current-year budget, according to the Legislative Analyst’s office.

$26 billion
 The amount that California will be short in 2013-14 if long-term corrective action is not taken now, as projected by the LAO.

$6 billion
  The amount that the budget relies on receiving from three ballot measures, Propositions 1C, 1E, and 1D. If the measures fail, the Legislature would be responsible for developing alternatives before the start of the fiscal year.

14
The number of years since California’s unemployment rate has been as high as it was in November 2009.

$863 million
 The amount lost in 2010-11 due to tax cuts in the 2008 and 2009 budget agreements. California Budget Project predicts losses will continue permanently, resulting in $8.7 billion lost over eight years.

9
The number of California corporations standing to benefit from the single sale factor apportionment, a policy outlined in measure AB 15 (3x), enacted in February 2009. The policy allows firms to choose the method to calculate their taxes and then pay the lowest bill. The shift, which would be enacted in Jan. 1, 2011, will cost the state an estimated $260 million in 2010-11, quickly rising to $1 billion per year in 2014-15 and would only benefit 0.1 percent of California‘s richest corporations.


8.84

The level, in percentage points, of the state’s corporate tax rate.

$123 million
 The dollars of high-speed rail bond expenditures deferred by the Legislature in the 2009-10 budget.

$114
 The amount saved in the 2009-10 budget by eliminating the High Priority Schools Grant Program for K-12 education.

63

The number of the proposition on the special election ballot to shift $227 million to the General Fund.

$200 million

The amount of tribal revenue redirected to the General Fund that would otherwise be used to payoff prior transportation loans.

$12.5 billion

The revenue expected to be made over two fiscal years as a result of eight major changes to the state tax system.


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