California’s Fiscal Outlook
Sacramento, CA– A new report by California Legislative Analyst, Mac Taylor, shows California facing a $25.4 billion deficit for fiscal year 2011-12.
Similar to the forecast of one year ago, Taylor projects annual budget problems of about $20 billion each year through 2015-16. His recommendation is to have the Legislature initiate a multiyear approach to solving California’s recurring budget deficit.
Taylor believes such an approach in 2011-12, might involve $10 billion of permanent revenue and expenditure actions and $15 billion of temporary budget solutions.
In 2012-13, 2013-14, and 2014-15, another few billion of permanent actions each year could be initiated, along with other temporary budget solutions, until the deficit is eliminated.
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