California, A State Riddled With Municipal Bankruptcies During 2012, Is Slated To Post A Budget Surplus

Friday, January 11, 2013 06:49
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California, A State Riddled With Municipal Bankruptcies During 2012, Is Slated To Post A Budget Surplus

Tags: debt | economy | municipal bonds

For the first time in over a decade, California is slated to post an $851 million budget surplus as a result of voter-approved tax increases.

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Greater revenue than anticipated will come in from eliminating redevelopment agencies than predicted by the Legislative Analyst’s Office (LAO). The LAO predicted a budget shortfall of $1.9 billion in November.
 
California Governor Jerry Brown vowed to avoid the fiscal mess previous governors struggled with and won re-election on that promise.
 
The surplus is by no means guaranteed. Brown said actions on the federal deficit, a slowdown in the economic recovery, or increasing healthcare costs could derail the projection.

 

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