Lawmakers said if financial experts are having a hard time understanding the governor’s proposal to close the multi-billion budget gaps, so too are they.
While the state’s Legislative Analyst’s Office estimated in December a $68 billion budget deficit, the governor said his office’s calculations showed the total closer to $38 billion.
The decrease in tax collections is second only to the nearly 29 percent drop in 2002 following the dotcom bust, according to state tax collection data.
With a previously estimated $31 billion deficit, now California’s spending plan for the upcoming year is affordable, according to a recently released budget review by the state’s Legislative Analyst’s Office, which revised earlier estimates and found that the plan will resolve the state’s projected deficit.
Lawmakers said if financial experts are having a hard time understanding the governor’s proposal to close the multi-billion budget gaps, so too are they.
While the state’s Legislative Analyst’s Office estimated in December a $68 billion budget deficit, the governor said his office’s calculations showed the total closer to $38 billion.
The decrease in tax collections is second only to the nearly 29 percent drop in 2002 following the dotcom bust, according to state tax collection data.
With a previously estimated $31 billion deficit, now California’s spending plan for the upcoming year is affordable, according to a recently released budget review by the state’s Legislative Analyst’s Office, which revised earlier estimates and found that the plan will resolve the state’s projected deficit.