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California Revenue Forecast Triggers Cuts, But The Budget Could Still Miss The Mark Dec 11
Standard & Poors, Dec 2011
Abstract
SAN FRANCISCO (Standard & Poor's) Dec. 15, 2011--On Tuesday, Dec. 13, California?s Department of Finance (DOF) released its updated revenue forecast for fiscal 2012. According to the forecast, the state's revenue for the fiscal year will total $86.2 billion, or $2.2 billion below what was projected in the state's enacted budget. This forecast triggers $981 million in already approved midyear budget cuts intended to partially offset the emergence of a midyear budget gap. The triggered cuts will touch all of the spending items identified for potential reduction in the enacted budget. Among these cuts is funding for the California State University and University of California systems, home-to-school transportation (busing), developmental services, and in-home supportive services. However, we understand that some...
Companies mentioned in this report are: California
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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