State Economic Outlook - Legislative Analyst's Office Presentation
This presentation by the Legislative Analyst's Office provides insights into California's economic outlook, state budget, education funding, and key financial proposals. It includes details on revenue forecasts, budget expenditures, and the impact on K-12 education.
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Presentation Transcript
State Economic Outlook Legislative Analyst s Office Presented to: California Association of Chief Business Officers April 3, 2014 www.lao.ca.gov
Governors Budget Expenditures (Dollars in Millions) 2
Governors Budget General Fund Condition Includes Education Protection Account (In Millions) 3
Comparing State Revenue Forecasts General Fund and Education Protection Account Combined (In Billions) 4
Proposition 98 Minimum Guarantee (In Billions) 7
Governor Proposes to Pay Down All Outstanding K-12 Deferrals (In Millions) 8
Major 2014-15 K-12 Proposals (In Millions) 9
Second-Year Implementation of Local Control Funding Formula $45.5 Billion 80 Percent Funded 11 Percent Increase From 2013-14 Level Closes 28 Percent of Gap to Target Level 10
Proposition 98 Wall of Debt Plan (In Billions) 12
Key Issues 13
Proposition 98 Reserve Makes Deposits When Capital Gains Revenues Strong Makes Withdrawals When Guarantee Insufficient to Fund Growth and Cost-of-Living Adjustment Intent to Stabilize Funding Laudable Formula Unlikely to Have Significant Effect 14
CalSTRS Unfunded Liabilities Longstanding Funding Problems Focus on 30-Year Funding Plan Set Aside Some Money Now Examine State s Role Now and in Future 15
Use of One-Time Monies Proposition 98 Funds Deferral paydowns. Mandate backlog. Emergency Repair Program. Non-Proposition 98 Funds CalSTRS liabilities. Deferred maintenance. 16
Other Education Issues Career Technical Education Independent Study Home-to-School Transportation Education Mandates Deferred Maintenance Restructuring Child Care System 17
Visit the LAO website at: www.lao.ca.gov 18
