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Here is more bad news for the taxpayers of California.
"State Controller John Chiang reported Friday that revenues coming into state coffers from personal and corporate taxes fell $3.6 billion short of what was projected in April, the month when the bulk of revenues are collected."
Add to that, this bad news, "State financial analysts are pointing to a significant carryover of losses from 2008 to 2009 that brought down revenues from capital gains and weakness in small business income to explain the shortfall. Some people, including state Senate President Pro Tem Darrell Steinberg, D-Sacramento, had hoped that gains in revenues from the first few months of the year would push the deficit for the 2010-11 fiscal year below $10 billion.
State leaders also hoped for billions in aid from the federal government. The governor had included $6.9 billion in federal dollars in his January budget plan, but so far the state has received just under $3 billion, according to the Finance Department.
Schwarzenegger also had counted on $140 million in proceeds from a lease for an oil drilling project off the Santa Barbara coast that would fund state parks. But last week the governor dropped his support for the proposal after the huge oil spill in the Gulf of Mexico. It is not clear how the governor plans to pay for parks now."
That is over $6 billion in revenues NOT coming into the State. Add the admitted $22 billion in General Fund deficits, the $6 billion in lost lawsuits we have not paid, the $7.3 billion we have borrowed from the Feds to pay for the deficit in the Unemployment Insurance Fund,and the $3 billion, on June 30, of asset sales in the budget that never happened.
The total deficit of the State of California, when all deficits are included (but not the unfunded pension liabilities) you have a deficit of $44 billion!
That is why we can not afford a Third Term of Arnold. In six years of Governor, his deficits could hit $150 billion. What a legacy!!
More...
"State Controller John Chiang reported Friday that revenues coming into state coffers from personal and corporate taxes fell $3.6 billion short of what was projected in April, the month when the bulk of revenues are collected."
Add to that, this bad news, "State financial analysts are pointing to a significant carryover of losses from 2008 to 2009 that brought down revenues from capital gains and weakness in small business income to explain the shortfall. Some people, including state Senate President Pro Tem Darrell Steinberg, D-Sacramento, had hoped that gains in revenues from the first few months of the year would push the deficit for the 2010-11 fiscal year below $10 billion.
State leaders also hoped for billions in aid from the federal government. The governor had included $6.9 billion in federal dollars in his January budget plan, but so far the state has received just under $3 billion, according to the Finance Department.
Schwarzenegger also had counted on $140 million in proceeds from a lease for an oil drilling project off the Santa Barbara coast that would fund state parks. But last week the governor dropped his support for the proposal after the huge oil spill in the Gulf of Mexico. It is not clear how the governor plans to pay for parks now."
That is over $6 billion in revenues NOT coming into the State. Add the admitted $22 billion in General Fund deficits, the $6 billion in lost lawsuits we have not paid, the $7.3 billion we have borrowed from the Feds to pay for the deficit in the Unemployment Insurance Fund,and the $3 billion, on June 30, of asset sales in the budget that never happened.
The total deficit of the State of California, when all deficits are included (but not the unfunded pension liabilities) you have a deficit of $44 billion!
That is why we can not afford a Third Term of Arnold. In six years of Governor, his deficits could hit $150 billion. What a legacy!!
More...