4 ms·
California has had a bumper crop in terms of tax revenue ... but is outspending even that! There was a "surprise" extra $1.9 billion deficit hit from Medi-Ca
by DrScump 10y ago
California has had a bumper crop in terms of tax revenue
... but is outspending even that! There was a "surprise" extra $1.9 billion deficit hit from Medi-Cal last fiscal year[0] (which should tell you something about the government's inability to track or control spending), and an overall budget deficit is projected for the current year.
And this doesn't even count the huge infrastructure deficiencies and deferred maintenance.
[0] http://www.pressdemocrat.com/news/6563825-181/19-billion-error-adds-to http://www.pressdemocrat.com/news/6563825-181/19-billion-err...
- jxramos 10y agoAnother thing I'm finding out is that states have been playing accounting gimmicks and moving funds about accounts that should not have been mixed up as they were... tens of thousands of local government entities issue bonds, and some employ dubious accounting techniques “that obscure their true financial position,” according to a 2015 report of the Volcker Alliance https://www.city-journal.org/html/zeroing-government-fraud-14955.html https://www.city-journal.org/html/zeroing-government-fraud-1...