Shares of Facebook plunged to all-time lows after early investors and insiders were allowed to sell their shares Thursday, dimming California’s hope for a capital gains windfall that would help balance the state budget.
With a busy Fourth of July week looming, California parks officials announced Thursday that 65 of the 70 state parks once slated to close Sunday due to budget cuts will remain open.
The revised budget agreement between legislative Democrats and Governor Brown calls for the phasing out of California’s successful Healthy Families program, which provides state-sponsored, low-cost insurance for children, teens and pregnant mothers.
Optimistic projections, entrenched differences and a transparency problem are what face Governor Jerry Brown and the state legislature as they try to come to an agreement on a $92 billion dollar budget.
With Gov. Jerry Brown refusing to sign off on their plan, Democratic leaders say they are working on two tracks to pass a budget and continue negotiations with the governor on welfare cuts.
Next 10, a nonpartisan policy organization based in San Francisco, has released the 2012 version of their California Budget Challenge, an online tool that lets users understand the serious choices facing the state and determine where they stand on a series of spending and revenue policy options.
Personal income tax receipts were about $2 billion less than projected in April.
California’s nonpartisan budget analyst is giving a more sober projection of tax revenue than the one contained in Gov. Jerry Brown’s proposal for the coming fiscal year, mostly because it forecasts less from personal income taxes.
Gov. Jerry Brown says California needs to make about $1 billion in midyear cuts to schools and social services.
A projected $3 billion budget deficit now facing California this fiscal year will almost certainly trigger cuts in December at school districts throughout the state.