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California Budget

September 29th, 2008 10:41 AM by Lehel Szucs

Here's how the Legislature plans to close a $15.2-billion budget gap and keep $1.2 billion in a reserve fund. Numbers are in billions:

$7.1 billion in spending cuts*

* $2.9 from schools

* $1 from transit

* $0.4 from healthcare

* $0.4 from payments to disabled and poor

* $0.2 from University of California

* $0.2 from Cal State University

* $0.1 from welfare

* $2.9 Other

$9.3 billion in increased revenue*

* $1.9 from limits on corporate deductions and tax credits

* $1.6 from increased tax withholding

* $1.9 from accounting changes

* $2.7 collecting revenue early from the rich and corporations

* $0.9 transfers from other funds

* $0.4 from tax amnesty

*Totals may not add up exactly because of rounding

Source: California Legislature

Posted in:General
Posted by Lehel Szucs on September 29th, 2008 10:41 AM

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