Additional Budget Cuts In 2012…Likely

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Some not-so-pleasant news out of Sacramento last week: part of the recently past California budget included a stipulation: triggered tax cuts that will take affect if projected revenues do not increase by Jan. 2012…hmm, don’t kill the messenger!  As posted in the L.A. Times:

California tax revenues plunge, deep cuts to schools could be triggered

“California just announced that state tax revenue plunged in July, falling more than 10% below expectations, making it more likely that deeper cuts to public schools built into the state budget in case of a stalled economic recovery will occur.”

“Gov. Jerry Brown and state lawmakers patched up the final $4 billion of California’s budget shortfall this year by hoping for a windfall economic recovery. Those hopes are now fading fast.”

“Every drop in revenues puts us closer to the drastic trigger cuts that could be imposed next year,” Chiang said in a statement. Those automatic cuts include a reduction in schools spending that could shrink the academic year by as many as seven days in some districts.”

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