Cash Crunch in California

Williams, Rochelle
May 2003
Bond Buyer;5/14/2003, Vol. 344 Issue 31635, p1
Trade Publication
Some California school districts that are heavily dependent on state aid may need to find some alternative sources of cash to pay for their maturing short-term tax and revenue anticipation notes due to deductions in state funding, according to Standard & Poor's Corp. The report came as state governor Gray Davis plans to release his revised budget aimed at eliminating a shortfall estimated between 26 billion dollar and 35 billion dollar. One plan urges for deferring appropriations owed to school districts for the fiscal year of 2003 to the upcoming fiscal year for a one-time savings of 1.1 billion dollar.


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