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California''s budget gets lift from tax income: Wall Street boosts state''s bond rating after seeing economic recovery.

Publication: San Diego Business Journal
Publication Date: 27-SEP-04 		Format: Online - approximately 1034 words
Delivery: Immediate Online Access
Full Article Title: California''s budget gets lift from tax income: Wall Street boosts state''s bond rating after seeing economic recovery.(Finance)

Article Excerpt
What happened to California's budget crisis?

Just this summer, the governor and Democratic-dominated Legislature locked horns over a $105.3 billion budget that papered over a long-term structural deficit through its heavy reliance on borrowing.

Yet during the past month, two Wall Street ratings agencies have given thumbs up to the state, raising its credit ratings from near-junk status. The agencies cite not only the budget agreement but California's improving economy.

Since the start of the fiscal year July 1, the state has raised $232 million more in revenue than was projected by the Schwarzenegger administration, according to the state Department of Finance.

While it's agreed the additional revenue would not close a $5 billion budget hole projected for the 2005 -06 fiscal year, the figures are good news that could revise policy-making and political strategies if economic growth is sustained.

"When you look at these numbers there are clearly signs of a turnaround," said...

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