LAO Releases First Snapshot Of California’s Upcoming Budget ...Middle East
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The non-partisan California Legislative Analyst’s Office is projecting that California is facing a $2-billion shortfall this coming fiscal year. It is the first snapshot analyzing revenues for the period that begins July 1st. It refers to the budget as “roughly balanced.” It states, “Despite softness in the state’s labor market and consumer spending, earnings of high‑income Californians have surged in recent months. Income tax collections have seen a similar bounce. This recovery in income tax revenues is being driven by the recent stock market rally, which calls into question its sustainability in the absence of improvements to the state’s broader economy.” It is a much better scenario tha
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