fiscal outlook
DESCRIPTION
Fiscal Outlook. Legislative Analyst’s Office November 27 , 2012. www.lao.ca.gov. What Is the LAO?. Created in 1941 Nonpartisan, Independent Staff to the Legislature Provides Fiscal and Policy Analysis—Particularly on Budget-Related Matters. May Revision 2012. 2011-12 Ended in Deficit - PowerPoint PPT PresentationTRANSCRIPT
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LAO
Fiscal Outlook
Legislative Analyst’s Office
November 27, 2012
www.lao.ca.gov
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What Is the LAO?
Created in 1941 Nonpartisan, Independent Staff to the
Legislature Provides Fiscal and Policy Analysis—
Particularly on Budget-Related Matters
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May Revision 2012
2011-12 Ended in Deficit 2012-13 Projected Budget Gap Total Actions Needed = $15.7 Billion
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State General Fund Budget Spending by Program, 2011-12
4
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Actions to Close the 2012-13 Budget Gap(In Billions)
Amount
Tax Revenues From Proposition 30 $8.5
Related Proposition 98 Increase -2.9
Other Revenues 0.4
Expenditure Actions 4.6
Borrowing/Funding Shifts/One-Time Revenues 5.8
Total Solutions $16.4
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Key Things to Watch: Risks in 2012-13 Budget Plan
Proposition 30—$8.5 billion RDA funds—$3.2 Billion Revenues
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The State’s General Fund:2012-13 Revenues
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November LAO Fiscal Forecast
Forecast Revenues for Five Years Forecast Expenditures for Five Years Subtract
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A Christmas Carolby Charles Dickens
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Home prices now recovering after steep decline
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Building Activity is forecast to recover
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Taxable sales are forecast to grow modestly
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Jobs in California Recovering Slowly
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LAO projections of GF Condition is no corrective actions are taken
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Forecasted Operating Surpluses Beginning in 2014-15
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Upcoming LAO Publications
Updated Local Government Timeline Property Tax Primer Insufficient ERAF Cal FACTS
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Other Resources
First name. Last name @lao.ca.gov• Marianne O’Malley• Brian Uhler (local finance) • Chas Alamo (sales and property tax forecast)
Legislative Analyst’s Office: www.lao.ca.gov