California’s $2.4 billion surplus
November 21, 2013
California’s financial situation has improved and advisors are projecting a $2.4 billion surplus at the end of the fiscal year in June 2014, according to the Legislature’s budget advisors. [LATimes]
Gains from the economic recovery and stock market could provide more than $4 billion in unanticipated funds for schools and community colleges starting next summer, the report says.
“The state’s budgetary condition is stronger than at any point in the past decade,” the report released Wednesday says.
Even so, accounts dedicated to retirement benefits and pensions are underfunded by $135 billion.