Legislative Analyst Office Summary of Governors porposed budget

Transition From Multibillion Dollar Annual Deficits to “Baseline” Budgets. Over the past several years, each January Governor’s budget has included billions of dollars in proposed solutions—expenditure reductions, revenue increases, borrowing, and other actions—in order to close budget shortfalls. Now, however, the state has reached a point where its underlying expenditures and revenues are roughly in balance. With the exception of education funding, the remainder of state General Fund spending reflects a baseline budget. This means that state–supported program and service levels established in 2012–13 generally continue “as is” in 2013–14. Under our and the administration’s fiscal forecasts, this situation would likely continue into 2014–15.

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California Ranked as 9th largest economy in the world

California's Legislative Analyst Mac Taylor just released his 2013 CalFacts listing California's economy ranked as 9th largest in the world with a GDP (gross domestic product) in 2011 of  just under $2 trillion, ranked just behind Italy and in front of Russia.

The next largest economy state is Texas with a 2011 GDP of  $1.3 trillion.

To read the full LAO CAL FACTS visit http://www.lao.ca.gov/reports/2013/calfacts/calfacts_010213.pdf