Sacramento, CA — Some support for Governor Jerry Brown’s plan to close the state’s $15.7 billion deficit.
According to the Associated Press, California’s nonpartisan legislative analyst says the idea is reasonable, but may overstate the potential revenue from defunct redevelopment agencies.
In a report on Friday, the analyst’s office warns there are many challenges in forecasting tax revenue for the July 1st fiscal year. It says state leaders should not be surprised if the figures are several billion dollars lower or higher than projected. The report says the administration may be overstating how much property tax revenue the state will get after eliminating local redevelopment agencies.
Brown wants voters to approve temporary tax increases, which he says will generate $8.5 billion.
Also, tax revenue from sales of Facebook stock could generate another $2.1 billion.