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California’s $2.4 billion surplus

November 21, 2013

moneyCalifornia’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.

 


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Do you consider the balance owed on your mortgage when you make your household budget? I sure don’t. I figure the payments on the mortgage and then pay a little extra each month.

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A mortgage is backed by real property worth much more than the mortgage. I know mortgages and this is no mortgage.


This is a credit card, maxed out. Pure and simple.


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I guess the LA TImes article of Nov 15, 2013 where California owes the Federal Government $10 Billion for the Unemployment Tax and our State fund is insolvent. We just made an interest payment of $over $400 million and had to borrow from the disability fund. There are over 450,000 drawing funds and no money in the pot.


Guess we won’t need that new “Transportation Tax” that is going to be placed on the ballot next June which is 100% of our vehicle(s) registration fee to pay additional funds for highways.


Guess we won’t need the $4 Billion plus money raided from over 500 special funds that have been raided (recycling, tire recycling, electronic fees, smog, etc.)


Guess the schools won’t need the $8 Billion the State still owes them.


Guess CALPERS (state pension system) won’t need the $25 Billion the State owes the retirement fund.


Yep, we have excess money and will need NO NEW TAXES, period. We have a balanced budget, period.


Just wait until all the illegal immigrants get free healthcare and California picks up the tab and then you will see real debt, and it is coming.


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