Wednesday, January 13, 2021
(CalChamber)
Despite enjoying a record $34 billion budget surplus and prudent reserves from burgeoning but one-time tax revenues, California budget officials expect to see fiscal deficits in the next three years, state Finance Director Keely Martin Bosler told business leaders during a Jan. 12 California Chamber of Commerce webinar.
These projections mean that it is critical to maintain funding reserves if the state wishes to preserve existing programs, and it means that the Legislature should not create new funding obligations, she explained.
“We can’t afford additional ongoing spending at all,” Bosler cautioned.
In fact, California’s strong financial foundation during this pandemic comes from years o...
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