Pat
Supporter
OK Jim, I'm not sure where you get your numbers.
The Florida State Legislature passed the $70.4 billion FY2011 Florida state budget on April 30, 2010, the deadline for doing so. State analysts estimate that the state faces a budget deficit for 2011-12 of approximately $2.5 billion, which is down considerably from previous forecast of a $6 to $8 billion shortfall. -Palm Beach Post.
In California, FY2011 $86.6 billion state budget was passed on Oct. 8, 2010, 100 days late, the latest its ever been. It was the 23rd time in 24 years that the legislature has missed the budget deadline. The state faced an estimated $19.1 billion deficit, after trimming billions of dollars from state spending last year and temporarily raising some taxes.
-LA Times
As I mentioned earlier, financial expert, Meridith Whitney, has ranked California as being in the worst financial condition.
Let see, Florida, deficit, $2.5B, CA deficit $19.1. Neither is good.
Not included is the CalPERS almost $100 billion in losses for California's biggest government pension funds. The LA Times reported CalPERS portfolio has shrunk 23.7% in the last year while the State Teachers' Retirement System says its holdings are down 25%. The tremendous drop in the portfolios' value is expected to have a direct effect on the amount of money that the state and about 2,000 local governments and school districts must contribute in coming years to pay for pensions for more than 1.6 million government workers, retirees and their families.
As income from the pension investments falls, the governments would have to make up the difference to meet the state's pension obligations to workers and retirees. CalPERS expects to hike government contributions for the state in 2010 and for local governments in 2011.
Moody's Investors Service downgraded the city and county rating of San Francisco. California, facing a projected $25 billion shortfall through June 2012, aimed this week to sell $10 billion in so-called "revenue anticipation" notes. Over three days, it reported total orders of about 60% of that amount, or $6.06 billion, for the securities, according to the Treasurer's office. In September 2009, California sold 75% of a similar offering to retail investors. The remainder of an offering is typically bought by big institutional investors.
" As for San Francisco, the bond rater said the "city ended fiscal 2009 with a balance sheet that was weaker than at any time in the prior ten years."
A spokesman for San Francisco's mayor said the ratings downgrade was "not unexpected" given the challenging economy, and that the city still had a better rating than many other local governments.
The lawsuit that the California Treasurer said prompted the extension of the sale concerned another controversy in municipal finance: the sale of public assets to raise funds. The suit concerned a plan to close an $18 billion budget shortfall in part by selling 11 state-owned properties, and then leasing them back from the new owners, to generate $1.2 billion this fiscal year.
Looks like a fire sale indicating your state is now burning the furniture to heat the house...
The Florida State Legislature passed the $70.4 billion FY2011 Florida state budget on April 30, 2010, the deadline for doing so. State analysts estimate that the state faces a budget deficit for 2011-12 of approximately $2.5 billion, which is down considerably from previous forecast of a $6 to $8 billion shortfall. -Palm Beach Post.
In California, FY2011 $86.6 billion state budget was passed on Oct. 8, 2010, 100 days late, the latest its ever been. It was the 23rd time in 24 years that the legislature has missed the budget deadline. The state faced an estimated $19.1 billion deficit, after trimming billions of dollars from state spending last year and temporarily raising some taxes.
-LA Times
As I mentioned earlier, financial expert, Meridith Whitney, has ranked California as being in the worst financial condition.
Let see, Florida, deficit, $2.5B, CA deficit $19.1. Neither is good.
Not included is the CalPERS almost $100 billion in losses for California's biggest government pension funds. The LA Times reported CalPERS portfolio has shrunk 23.7% in the last year while the State Teachers' Retirement System says its holdings are down 25%. The tremendous drop in the portfolios' value is expected to have a direct effect on the amount of money that the state and about 2,000 local governments and school districts must contribute in coming years to pay for pensions for more than 1.6 million government workers, retirees and their families.
As income from the pension investments falls, the governments would have to make up the difference to meet the state's pension obligations to workers and retirees. CalPERS expects to hike government contributions for the state in 2010 and for local governments in 2011.
Moody's Investors Service downgraded the city and county rating of San Francisco. California, facing a projected $25 billion shortfall through June 2012, aimed this week to sell $10 billion in so-called "revenue anticipation" notes. Over three days, it reported total orders of about 60% of that amount, or $6.06 billion, for the securities, according to the Treasurer's office. In September 2009, California sold 75% of a similar offering to retail investors. The remainder of an offering is typically bought by big institutional investors.
" As for San Francisco, the bond rater said the "city ended fiscal 2009 with a balance sheet that was weaker than at any time in the prior ten years."
A spokesman for San Francisco's mayor said the ratings downgrade was "not unexpected" given the challenging economy, and that the city still had a better rating than many other local governments.
The lawsuit that the California Treasurer said prompted the extension of the sale concerned another controversy in municipal finance: the sale of public assets to raise funds. The suit concerned a plan to close an $18 billion budget shortfall in part by selling 11 state-owned properties, and then leasing them back from the new owners, to generate $1.2 billion this fiscal year.
Looks like a fire sale indicating your state is now burning the furniture to heat the house...
