John Myers wrote an article for the Los Angeles Times titled Coronavirus plunges California into worst budget deficit in state history.
« California’s government faces a $54.3-billion budget deficit through next summer according to an analysis released Thursday by advisors to Gov. Gavin Newsom… »
« Newsom’s budget team forecasts a $41.2-billion drop in tax revenues compared to their estimates from just four months ago. Most of that — $32.2 billion — would appear in the fiscal year that begins in July. Current year tax revenues, according to the report, are expected to miss the mark by $9.7 billion… »
« The impact on K-12 education funding could be especially severe. Schools receive roughly 40% of the state’s general fund revenues and, under a series of complicated constitutional formulas, could see their minimum funding cut by more than $18 billion under the Newsom administration analysis. »
« The state has processed more than 4.2 million unemployment claims since mid-March, nearly equivalent to all of the jobs in Los Angeles County. »
[ Corona virus, COVID-19 ]
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