Jump to content

Gov. Brown presides over $850 m budget surplus in Cali


Recommended Posts

(Reuters) - California remains on track to post its first budget surplus in more than a decade, Governor Jerry Brown said on Tuesday...

"For the first time in more than a decade we have a balanced budget, and it's solid."

Brown's new plan follows a report by the state controller that said strong April tax receipts put California's revenue since the start of its current fiscal year $4.6 billion above estimates in the governor's January budget plan.

Much of the increase came from voter-approved income tax hikes on the wealthy in November that were retroactive to last year, and an increase in federal taxes that spurred investors to sell assets. The windfall will mostly go to education as required by law."

 

 

What was that crap you conservatives have always been saying about California? :P

Link to comment
Share on other sites

  • Replies 106
  • Created
  • Last Reply

Top Posters In This Topic

...old post!

You mean that Brown has been a fiscal success for some time now, and you righty retards know you're lying when you keep going on and on about how California is sucking wind, when in fact things have been looking up for a long time -- and it's old news????

 

How retarded are you righty suckers of Satan's unholy unit????

Link to comment
Share on other sites

Gov. Brown said he'd get California out of debt and he did. Funny the Republican Gov. Schwenegger never could do it.

 

...the gullible libturd morons... LMFAO!

 

 

April 30, 2013

 

Report: California governments could be $1.1 trillion in debt

 

 

California's state and local governments are at least $648 billion in debt and the total could surpass $1.1 trillion -- depending on how pension liabilities are calculated -- according to a data compilation by a conservative think tank.

 

The report was published by the California Public Policy Center, which is based in Southern California and concentrates its work on public employee unions and public pension liabilities. It's also a target of criticism by unions and other liberal groups, which accuse it of being part of a right-wing conspiracy to attack unions and public employees.

 

Anticipating that criticism, the organization took great pains to base its debt calculations on official data, including pension funds' own estimates of their unfunded liabilities, deviating from that methodology only on speculating about potentially higher pension debts.

 

The heavily footnoted report says the state's official debt stands at $132.6 billion, with general obligation bonds more than half the total. Other state debts include $27.8 billion in "budgetary borrowings" that Gov. Jerry Brown has described as a "wall of debt," $10.9 billion owed to the federal government for unemployment insurance benefits, and $11.3 billion in lease-revenue bonds.

 

 

It calculates school district debt at $49.7 billion, primarily school construction bonds, city government debt at $68.1 billion, county government debt at $22.1 billion, redevelopment agency debt at $110.4 billion, unfunded public retiree health care obligations at $136.9 billion, and official state and local pension unfunded liabilities at $128.3 billion.

 

The official pension liability numbers are based on assumed trust fund earnings rates of more than 7 percent, but critics say that number is too high and when lower returns are factored in, the potential debt rises sharply.

 

The report says that assuming a 5.5 percent annual return would add $200 billion to state and local unfunded pension liabilities and lowering it to 4.5 percent would add $321 billion. Plugging in those numbers and adjusting for more recent budget deficits, short-term borrowing and additional retiree health care could push total debt over $1.1 trillion.

 

:lol:

 

 

Report: California’s Actual Debt At Least $848B; Could Pass $1.1T

 

May 1, 2013 11:57 AM

 

http://sacramento.cbslocal.com/2013/05/01/report-californias-actual-debt-set-at-848b-could-pass-1-1t/

Link to comment
Share on other sites

Gov. Brown said he'd get California out of debt and he did. Funny the Republican Gov. Schwenegger never could do it.

lol

 

what did arnold do that jerry ended ? or didnt extend ?

 

can you name one thing ?

 

not to mention, the democrat controlled state of calif elected arnold to replace disgraced davis

 

the democrat legislature fought arnold all the way, then had to cooperate with jerry,

and you blame republicans ?

 

lol

 

who is this liar claiming a surplus ?

 

what about the $800 billion in unfunded state worker pensions ?

 

give it up losers...

 

lets discuss the SPENDING CUTS jerry put in place...

 

at least he did cut spending...

 

 

Link to comment
Share on other sites

"Much of the increase came from voter-approved income tax hikes on the wealthy in November that were retroactive to last year, and an increase in federal taxes that spurred investors to sell assets. The windfall will mostly go to education as required by law." More wealthy will leave Ca. Investors sold because of a Fed. tax. This is a one time event to avoid added taxes.

 

Link to comment
Share on other sites

 

...the gullible libturd morons... LMFAO!

 

 

April 30, 2013

 

Report: California governments could be $1.1 trillion in debt

 

 

California's state and local governments are at least $648 billion in debt and the total could surpass $1.1 trillion -- depending on how pension liabilities are calculated -- according to a data compilation by a conservative think tank.

 

The report was published by the California Public Policy Center, which is based in Southern California and concentrates its work on public employee unions and public pension liabilities. It's also a target of criticism by unions and other liberal groups, which accuse it of being part of a right-wing conspiracy to attack unions and public employees.

 

Anticipating that criticism, the organization took great pains to base its debt calculations on official data, including pension funds' own estimates of their unfunded liabilities, deviating from that methodology only on speculating about potentially higher pension debts.

 

The heavily footnoted report says the state's official debt stands at $132.6 billion, with general obligation bonds more than half the total. Other state debts include $27.8 billion in "budgetary borrowings" that Gov. Jerry Brown has described as a "wall of debt," $10.9 billion owed to the federal government for unemployment insurance benefits, and $11.3 billion in lease-revenue bonds.

 

 

It calculates school district debt at $49.7 billion, primarily school construction bonds, city government debt at $68.1 billion, county government debt at $22.1 billion, redevelopment agency debt at $110.4 billion, unfunded public retiree health care obligations at $136.9 billion, and official state and local pension unfunded liabilities at $128.3 billion.

 

The official pension liability numbers are based on assumed trust fund earnings rates of more than 7 percent, but critics say that number is too high and when lower returns are factored in, the potential debt rises sharply.

 

The report says that assuming a 5.5 percent annual return would add $200 billion to state and local unfunded pension liabilities and lowering it to 4.5 percent would add $321 billion. Plugging in those numbers and adjusting for more recent budget deficits, short-term borrowing and additional retiree health care could push total debt over $1.1 trillion.

 

:lol:

 

 

Report: California’s Actual Debt At Least $848B; Could Pass $1.1T

 

May 1, 2013 11:57 AM

 

http://sacramento.cbslocal.com/2013/05/01/report-californias-actual-debt-set-at-848b-could-pass-1-1t/

Lies, all lies!

Link to comment
Share on other sites

"Much of the increase came from voter-approved income tax hikes on the wealthy in November that were retroactive to last year, and an increase in federal taxes that spurred investors to sell assets. The windfall will mostly go to education as required by law." More wealthy will leave Ca. Investors sold because of a Fed. tax. This is a one time event to avoid added taxes.

the sales tax increase was not a tax on the wealthy

 

 

Link to comment
Share on other sites

Lies, all lies!

 

:lol:

 

...want some MORE 'lies'...????

 

To summarize, here a very rough estimate of the real “Wall of Debt” confronting California’s taxpayers:

  • $34.7 billion for short-term borrowing by the state
  • $30 billion for short-term borrowing by local cities, counties and agencies (very rough estimate, probably conservative)
  • $80.7 billion for State General Obligation Bonds
  • $177.6 billion for Local General Obligation Bonds
  • $28 billion for Trust Fund Loans
  • $181.2 billion for unfunded retirement and health care liabilities – CalPERS & CalSTRS participants only
  • $90 billion for unfunded retirement and health care liabilities – independent pension plan participants
  • $250 billion – impact of lower investment returns on retirement pension funds (quite likely a conservative estimate)

Grand total: $872 billion, or $23,000 per California resident, or $87,000 per California household.

 

It is important to emphasize that even using official estimates, about half of the total state and local government debt in California is to fund retirement benefits to government workers. And for anyone who is skeptical that it may be necessary to recognize (and eventually pay) an additional $250 billion in unfunded retirement health care and pension liabilities for California’s state and local government workers, please review the new GASB accounting regulations and the new Moody’s credit rating criteria, both set to take effect in 2014.

 

When Gov. Jerry Brown suggests that California’s state government is positioning itself to eliminate the so-called “Wall of Debt,” he’d be well advised to consider just how big that wall really is – especially when you remember that the only meaningful calculation of how much California state taxpayers owe must also include the amounts they owe its local governments.

 

http://unionwatch.org/how-big-is-californias-wall-of-debt/

Link to comment
Share on other sites

Just reiterating what American said:

 

Report: California’s Actual Debt At Least $848B; Could Pass $1.1T

How can California have a surplus if they owe more money than they have?

 

 

Gov. Jerry Brown’s $27.8 billion “wall of debt” was only part of the state’s official debt that the report put at $132.6 billion.

 

Much of the state’s debt comes from general obligation bonds — funds for public works — totaling $73.1 billion, unemployment insurance loans totaling $10.9 billion, and lease-revenue bonds totaling $11.3 billion.

 

The debt of K-12 public school districts was estimated at $49.7 billion, city government debt was $68.1 billion, county government debt was $22.1 billion, redevelopment agencies and special districts was $110.4 billion, unfunded pension liabilities at 7.5 percent interest was $128.3 billion and unfunded retiree healthcare liability was $136.8 billion.

 

According to the report — at 5.5 percent interest — an additional $200 billion would be added to unfunded pension liability.

The total $848.4 billion state and local government debt is called a “low estimate” by the report.

 

Smoke and mirror baby. Smoke and mirrors.

Link to comment
Share on other sites

So whatcha got to say conservatives? Brown brings California to a $850m SURPLUS.

gonna call Reuters a liar?

 

I thought California was in debt? You know, all those wetbacks using public funds? Laffin.

Link to comment
Share on other sites

So whatcha got to say conservatives? Brown brings California to a $850m SURPLUS.

gonna call Reuters a liar?

 

I thought California was in debt? You know, all those wetbacks using public funds? Laffin.

 

...can you post the link?

Link to comment
Share on other sites

So whatcha got to say conservatives? Brown brings California to a $850m SURPLUS.

gonna call Reuters a liar?

 

I thought California was in debt? You know, all those wetbacks using public funds? Laffin.

Only a liberal can think there is a surplus when there is over $1 Trillion in debt.

It must be nice to be able to ignore your debts.

Link to comment
Share on other sites

 

:lol: ...all 'projections', you moron! ...and you know what happens with 'projections'...

 

He's just raised the gas tax with ANOTHER 3.5%.... you really think THIS will boost an economy??

Link to comment
Share on other sites

...and now Brown sounds like a conservative!! ...isn't that strange?? Follow conservative measures and he might pull this off!

 

 

 

Despite the new revenue flowing in, Brown has warned his Democratic colleagues who control both houses of the Legislature that they must not overplay their hand and spend too freely. The governor wants to build a reserve fund for future downturns to help smooth the type of boom-and-bust budget cycles that have become chronic in California.

 



Slow down with the factual links dano, their heads are gonna explode.

 

..read post #18 again! Nothing is going to 'explode'...

Link to comment
Share on other sites

what did arnold do that jerry ended ? or didnt extend ?

 

can you name one thing ?

 

I wonder why no one can address this...

 

 

 

:D projected......ha! CBO's projections aren't worth crap either....Typical liber wants credit for something that not even happened.

I wonder how long the "projected" will last with all the rich tax payers fleeing to NV and TX and being replaced with illegal invaders looking for free handouts, medical and school

 

 

Link to comment
Share on other sites

...and now Brown sounds like a conservative!! ...isn't that strange?? Follow conservative measures and he might pull this off!

 

 

 

 

 

..read post #18 again! Nothing is going to 'explode'...

Brown has always been fiscally conservative, and his father, Pat Brown was a great Governor who built the water and freeway system.

 

How's your income in the dismal swamps of Alabama?

 

Miss California yet?

Link to comment
Share on other sites

Governor Brown presides over a $850m budget surplus...linked repeatedly and verified...no way to spin it. California has a balanced budget. American man posted 2 links from the same source, a group which is a far rightwing propaganda site (cali public policy center) and is SPECULATING based on bogus numbers.

American man is a serial liar.

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share


×
×
  • Create New...