Friday, July 25, 2014
YOLO COUNTY NEWS
99 CENTS

State budget deficit shrinks to $1.9 billion

By
From page A7 | November 15, 2012 |

By Judy Lin

SACRAMENTO (AP) — California’s nonpartisan budget analyst says the state now faces a much smaller deficit of $1.9 billion through the end of the next fiscal year and could even see surpluses after that.

The Legislative Analyst’s Office released a positive but cautious forecast Wednesday in the state’s first budget assessment since Californians last week approved Gov. Jerry Brown’s sales and income tax initiative, Proposition 30.

“The state’s economic recovery, prior budget cuts, and the additional, temporary taxes provided by Proposition 30 have combined to bring California to a promising moment: the possible end of a decade of acute state budget challenges,” wrote analyst Mac Taylor.

Taylor projected a much smaller deficit of $1.9 billion through the end of the 2013 fiscal year in July 2013, compared with the $15.7 billion deficit lawmakers faced earlier this year.

He said state expenditures will be $2.7 billion greater than forecast in the 2012-13 budget, partly because of overly optimistic projections for how much the state would get from the dissolution of local redevelopment agencies that Brown initiated. Taylor said the state will see about $1.8 billion less than expected.

The analyst’s report projects a surplus starting in 2014, thanks partly to Brown’s tax initiative, the state’s economic recovery and previous budget cuts, but he cautioned that the forecast is dependent upon a continuing steady economic recovery and strict spending controls by the governor and Legislature.

Brown, a Democrat, bet big this November by asking voters to approve Proposition 30, which raises the statewide sales tax by a quarter cent and boosts income taxes on the wealthy to help solve the state’s ongoing deficit. Voters, particularly minorities and those between the ages of 18 and 29, agreed.

The tax hikes are expected to provide an additional $6 billion a year for the state and deliver on a campaign promise Brown made two years ago to fix the state’s perpetual budget deficits and to raise taxes only if voters approved.

Proposition 30 raises the statewide sales tax to 7.5 percent for four years and income taxes rates to between 10.3 and 12.3 percent for seven years on income over $250,000 a year. The credit rating agencies Standard & Poor’s and Moody’s signaled their approval of the state’s financial picture after it passed.

The $91.3 billion budget lawmakers approved last summer called for about $6 billion in automatic cuts to K-12 schools and universities if the initiative failed.

According to the state finance department, tax revenues have largely been on pace with the state’s budget projections. Overall, revenues are $176 million below forecast, but October revenues came in $208 million above the month’s forecast.

Comments

comments

The Associated Press

.

News

Tech Trekkers boldly go into STEM fields

By Amy Jiang | From Page: A1 | Gallery

 
Decoding breast milk secrets reveals clues to lasting health

By Pat Bailey | From Page: A1 | Gallery

California climate change policies to hit our pocketbooks

By San Francisco Chronicle | From Page: A1

 
Davis braces for six days of scorching heat

By Enterprise staff | From Page: A1 | Gallery

 
Appeals court upholds high-speed rail route

By The Associated Press | From Page: A2, 1 Comment

Carwash raises funds for funeral expenses

By Enterprise staff | From Page: A2

 
Unitarians will host summer camp

By Enterprise staff | From Page: A3

Artists, photographers invited to support Yolo Basin Foundation

By Special to The Enterprise | From Page: A3 | Gallery

 
Sudwerk’s sales grow, floating on a sea of dry hop lager

By Elizabeth Case | From Page: A4 | Gallery

 
Wetlands visitors will see migrating shorebirds

By Special to The Enterprise | From Page: A6 | Gallery

‘Bak2Sac’ free train ride program launched

By Enterprise staff | From Page: A7

 
Explorit: Wonderful wetlands right at home

By Lisa Justice | From Page: A8 | Gallery

Recycle old paint cans for free

By Enterprise staff | From Page: A8

 
Where your gas money goes

By San Francisco Chronicle | From Page: A12

Americans, internationals make connections

By Enterprise staff | From Page: A16

 
Can you give them a home?

By Enterprise staff | From Page: A16 | Gallery

STEAC needs donations of personal care items

By Enterprise staff | From Page: A16, 1 Comment

 
.

Forum

Trio disagrees on best option

By Creators Syndicate | From Page: B5

 
Commenting system to change

By Debbie Davis | From Page: A10, 32 Comments

 
Support these local restaurants

By Letters to the Editor | From Page: A10

Let’s get the bench repaired

By Letters to the Editor | From Page: A10

 
Tom Meyer cartoon

By Debbie Davis | From Page: A10

Predicting climate changes

By Letters to the Editor | From Page: A10, 1 Comment

 
Clinton’s book is worth a read

By Letters to the Editor | From Page: A10, 3 Comments

Thanks for emergency help

By Letters to the Editor | From Page: A10

 
.

Sports

Hudson solid, Hamels better in Giants’ loss

By The Associated Press | From Page: B1 | Gallery

 
Petrovic, Putnam share Canadian Open lead

By The Associated Press | From Page: B1 | Gallery

Moss powers A’s past Astros

By The Associated Press | From Page: B1 | Gallery

 
Enriquez brilliant, but Post 77 season ends with Area 1 loss

By Bruce Gallaudet | From Page: B1 | Gallery

 
The un-Armstrong? Tour ‘boss’ Nibali wins Stage 18

By The Associated Press | From Page: B8 | Gallery

.

Features

.

Arts

Clyde Elmore: Art in the Wild

By Evan Arnold-Gordon | From Page: A9 | Gallery

 
‘A Most Wanted Man’: Superb espionage drama

By Derrick Bang | From Page: A9 | Gallery

Musicians perform at Sunday service

By Enterprise staff | From Page: A17 | Gallery

 
.

Business

Accord’s latest model is most fuel efficient

By Ann M. Job | From Page: B3 | Gallery

 
 
.

Obituaries

Mary Lita Bowen

By Special to The Enterprise | From Page: A4

 
James Thomas Feather

By Special to The Enterprise | From Page: A4

Richard ‘Dick’ Robenalt

By Special to The Enterprise | From Page: A7

 
.

Comics

Comics: Friday, July 25, 2014

By Creator | From Page: A13

 
.

Real Estate Review

Featured Listing

By Zack Snow | From Page: RER1

Professional Services Directory

By Zack Snow | From Page: RER2

Remax

By Zack Snow | From Page: RER3

Sherman Home

By Zack Snow | From Page: RER4

Tracy Harris

By Zack Snow | From Page: RER4

Vaughan Brookshaw

By Zack Snow | From Page: RER4

Lyon Real Estate

By Zack Snow | From Page: RER4

Julie Leonard

By Zack Snow | From Page: RER5

Ciana Wallace

By Zack Snow | From Page: RER6

Melrina A Maggiora

By Zack Snow | From Page: RER7

Joe Kaplan

By Zack Snow | From Page: RER7

Jo Vallejo

By Zack Snow | From Page: RER8

Karen Waggoner

By Zack Snow | From Page: RER9

Jamie Madison

By Zack Snow | From Page: RER9

Malek Baroody

By Zack Snow | From Page: RER10

Carol Coder

By Zack Snow | From Page: RER11

Diane Lardelli

By Zack Snow | From Page: RER11

Jason Sull

By Zack Snow | From Page: RER11

Coldwell Banker

By Zack Snow | From Page: RER12

Coldwell Banker

By Zack Snow | From Page: RER13

Julie Partain

By Zack Snow | From Page: RER14

Lisa Haass

By Zack Snow | From Page: RER14

Leslie Blevins

By Zack Snow | From Page: RER14

Yolo FCU

By Zack Snow | From Page: RER15

David Campos

By Zack Snow | From Page: RER16

Heather Barnes

By Zack Snow | From Page: RER16

Willowbank Park

By Zack Snow | From Page: RER16

Kim Eichorn

By Zack Snow | From Page: RER17

Dana Hawkins & Caitlin McCalla

By Zack Snow | From Page: RER18

Dana Hawkins & Caitlin McCalla

By Zack Snow | From Page: RER18

Susan von Geldern

By Zack Snow | From Page: RER19

Open House Map

By jboydston | From Page: RER19

Chris Snow

By Zack Snow | From Page: RER19

Travis Credit Union

By Zack Snow | From Page: RER20

Patricia Echevarria

By Zack Snow | From Page: RER21

Lynne Wegner

By Zack Snow | From Page: RER21

Kim Merrel Lamb

By Zack Snow | From Page: RER21

Martha Bernauer

By Zack Snow | From Page: RER21

Open House Map

By Special to The Enterprise | From Page: RER23

F1rst Street Real Estate

By Zack Snow | From Page: RER24