California…..What A Mess, And They Think They’ve Fixed The Deficit

Posted By on July 21, 2009

Details of agreement to close California deficit
 

Gov. Arnold Schwarzenegger and legislative leaders from both parties reached a tentative deal to address California’s $26.3 billion budget deficit. The plan still must get a two-thirds vote in the Assembly and Senate.

It includes about $15 billion in cuts, as well as borrowing from local governments and some creative measures to generate revenue in the 2009-10 fiscal year that started July 1.

Some details emerged as the leaders prepared to brief their fellow lawmakers:

Borrows about $2 billion from local governments’ property tax revenue, money that would have to be repaid with interest in three years. As a concession to angry local officials, the deal would prioritize repayment of the so-called Proposition 1A money after schools and bond holders are paid. •Takes $1 billion in redevelopment money from local governments.

•Takes $1 billion in transportation funding from local governments.

•Speeds up collection of 2010 personal income and corporate taxes to bring in revenue earlier than anticipated.

•Sells off part of the State Compensation Insurance Fund, which the administration values at $1 billion. The fund is a quasi-governmental agency that is the state’s largest writer of workers’ compensation insurance

•Allows limited expansion of oil drilling off the Santa Barbara coast, bringing in $100 million in the current fiscal year.

•Eliminates the Integrated Waste Management Board and the Board of Geologists and Geophysicists, which Schwarzenegger had targeted as wasteful and unnecessary.

•Gives school districts the option of cutting the school year by five days.

Defers state employee paychecks by one day for a paper savings of $1.2 billion, which has been criticized by some as a gimmick. Instead of being issued on June 30, 2010, the paychecks would be issued on July 1, the start of the 2010-11 fiscal year.

•Gives the governor authority to pursue the sale of about 10 state-owned buildings as a potential revenue source in future years, including the Orange County Fairgrounds, the Public Utilities Commission Building in San Francisco and the Ronald Reagan State Office Building in Los Angeles.

•Rejects Schwarzenegger’s proposal for a surcharge on homeowner insurance policies to boost funding for emergency services. The surcharge would have averaged about $48 a year per homeowner.

http://www.msnbc.msn.com/id/32028633/ns/us_news-life/

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