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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: deeno who wrote (12776)	8/20/2003 9:51:07 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 306849

you better read the california budgets from the past. In 01 we had 76 billion in general revenues with no VLF. But the key difference was that there were no expenses. Nobody was on medical, UI or any of that, then. AND we had no homeland security unfunded mandates. Today we have about 6 billion LESS revenue even including the VLF, with way more expenditures. They are trying to chip away at prop 98... another voter mandate just like prop 13. The Legislature reduced the 2002-03 Proposition 98 funding level for K-12 education three times during 2003. Chapter 4x (SB 18x, Chesbro), Chapter 10x (SB 28x, Committee on Budget and Fiscal Review), and Chapter 26 (SB 1040, Committee on Budget and Fiscal Review) reduced funding for K-12 by a total of $2.5 billion through a combination of deferrals, use of one-time prior-year Proposition 98 funds, capturing anticipated program savings, and limited program reductions With prop 98 (requires half of state money goes to schools)- to cover a 38 billion dollar deficit, we'd have to cut whatever discretionary stuff is available by 50%. There is not much of this. I don't think there there is 50% available to cut. Additionally, state revenues will continue to decline due to tech job loss in the US. Here is the link, work with the numbers yourself if you want. dof.ca.gov Bottom line: the tech workforce and the stock market paid the bills for the freeloaders in this state. Now, those are gone. And you're screwed.