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Summary: California; General Obligation, State GO Jun 99
Standard & Poors, June 1999
The rating on California's bonds reflects: A diverse economy showing broad economic improvement and employment growth above prerecessionary levels following economic restructuring; An improved financial position, stabilized at a still small general fund accumulated balance; Ongoing structural budget impediments such as Proposition 98- mandated school funding levels and a two-thirds legislative vote requirement for budget passage; and Debt levels that are expected to remain moderate, despite $9.2 billion in recently approved GO school bonding. Fiscal 1998 general fund balances ended with a positive GAAP balance of $547 million (1.1% of expenditures and transfers), up substantially from a $2.5 billion deficit (negative 5.2%) at the end of 1997; this is the result of conservative budgeting, various accruals, and unexpected revenue growth....
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Action: New Rating
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