California's Schwarzenegger Presents $85.7B Budget

Saskal, Rich
January 2005
Bond Buyer;1/11/2005, Vol. 351 Issue 32047, p36
Trade Publication
The article informs about California Governor, Arnold Schwarzenegger announced his $853 billion general fund spending plan for fiscal 2006. With the state facing a structural budget gap of more than $8 billion, the proposal includes a variety of budget cuts and one-time measures to close the gap, including the sale of $1.7 billion of deficit bonds, The Republican governor said the state will see revenue increases of 6.8%, and spending increases of 4.2%. The budget includes reductions in the school spending formula and cuts in social services, both likely to be politically unpopular.


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