2012-2013 Budget Released Early
This week Governor Brown unexpectedly released his 2012-13 proposed state Budget. Although originally planned for release on January 10, the Budget had inadvertently been posted on the internet forcing an early release. California’s budget picture remains precarious. While employment numbers have improved, the overall California economy (and the state revenues that ensue) reflects modest growth. As such, California’s fiscal condition continues to be strained, albeit in a reduced manner from recent years. Governor Brown announced that the State faces a shortfall of $9.2 billion. Of that $9.2 billion, the state will end the current fiscal year with a $4.1 billion deficit and it is projected that the state will spend $5.1 billion more than it receives in the 2012-13 fiscal year. In order to remedy these prospects, Governor Brown is proposing budget reductions and revenue increases which total $10.3 billion (this includes a $1.1 billion reserve). To view a copy of RCRC’s summary of the Administration’s proposal, please click here.
Please feel free to contact the RCRC Governmental Affairs staff at (916) 447-4806 with any questions or concerns.