Last week, Stateline.org ran a series of stories examining the impacts of state cash shortfalls in California, Illinois, and New York.
(UPDATE – 3/4/2010) The clean-up bill, ABX8 14, passed the Senate and the Assembly and will be sent to the Governor. As a reminder, this measure authorizes counties and cities to utilize Prop 1B funds during the HUTA deferrals and requires that such loans be repaid to the Prop 1B account with interest. Governor Schwarzenegger [...]
The soft 45 day deadline for the special budget session came and went this Monday (February 22); One major proposal that remains unfinished is the swap of transportation revenues. One of the bills also allows the state to defer some payments to counties.
Yesterday, the Legislature attempted to finalize action on the emergency budget package amidst considerable confusion and irritation.
Eventually, the Assembly sent five measures to the Governor, achieving about $2.3 billion in savings. Outstanding issues remain, however, including concurrence on two measures that have already passed the Senate and failed in the Assembly, as well as the cash management proposal and gas tax swap.
For a full status report