California Revenue Woes Worst In Over 50 Years
More grim budget news expected tomorrow from the state legislative analyst. California is facing its steepest decline in state revenues since World War Two.
Legislative Analyst Elizabeth Hill is expected to announce that the state is facing a 12.4 billion dollar budget shortfall during the two-year period covering this budget year and next.
The state already was hit by sagging revenues before the September 11th terrorist attacks. And now officials are confirming that the decline has continued with layoffs and a decrease in tourism.
The result, the worst year-to-year dip in state income in more than a half-century.