X
GO

News Archives

Articles for category State Economy

Brown, Democrats reach budget deal without taxes

Posted Jun 28, 2011 by    categoryGeneral News categoryState Economy categoryPolitics categoryState Employees

Abandoning negotiations with Republican lawmakers, Gov. Jerry Brown struck a deal with Democrats for a budget that assumes billions of dollars in fresh revenue — but could lead to major service cuts if the money doesn't materialize.

[Read More...]


Brown's spokesman calls Republicans 'basically moronic'

Posted Jun 27, 2011 by    categoryLegislation categoryState Economy categoryPolitics categoryState Employees

With California's new fiscal year starting Friday and no compromise with the GOP on a budget in sight, Gov. Jerry Brown's chief spokesman called Sacramento Republicans "basically moronic" for failing to strike [Read More...]


Jerry Brown, Democratic leaders announce budget deal

Posted Jun 27, 2011 by    categoryGeneral News categoryLegislation categoryState Economy categoryPolitics

Gov. Jerry Brown and Democratic legislative leaders announced today that they have reached an agreement on a new majority-vote budget plan.

"We've had some tough discussions, but I can tell you that the Democrats in both the Senate and the Assembly have now joined with the administration and myself and we have a very good plan going forward with the budget," Brown said at a press conference in his office this afternoon.
[Read More...]


Public Unions Take On Boss to Win Big Pensions

Posted Jun 23, 2011 by    categoryCalPERS categoryRetirees categoryState Economy categoryRetirement categoryState Employees

New York Times June 21, 2011

Then Jim Righeimer, a conservative activist and real estate developer, jumped into the race last year.

The city was on the road to insolvency, he warned, because public employee unions had pressured politicians into handing over generous salaries and pensions. The police chief received $298,000 a year in total compensation, Mr. Righeimer noted. The deputy fire chief had retired with a pension of more than $182,000 a year.
[Read More...]


Governor vetoes Democratic budget

Posted Jun 16, 2011 by    categoryRetirees categoryGeneral News categoryState Economy categoryPolitics

Sacramento Bee June 16, 2011

Gov. Jerry Brown vetoed his own party's budget today, less than 24 hours after Democratic lawmakers sent him a majority-vote plan balanced with risky solutions.

The Democratic governor said during his campaign and throughout this year he would not sign a budget filled with "gimmicks," though he suggested earlier this week he had relaxed that stance.

[Read More...]


California budget talks hit an impasse

Posted Jun 08, 2011 by    categoryGeneral News categoryState Economy categoryPolitics categoryState Employees

Republican lawmakers are prepared to let voters decide whether to close California's stubborn budget deficit with higher taxes in exchange for major changes in state spending, public pensions and regulatory policies.

[Read More...]


The Outlook at Calpers Is Brightening, a Little

Posted May 19, 2011 by    categoryCalPERS categoryRetirees categoryNational Economy categoryState Economy

Wall Street Journal, May 19, 2011

The nation's biggest pension fund is on target to notch one of its strongest annual returns in the past 20 years, performance that is helping the fund regain its health and its confidence.

But state residents still are being stung by the California Public Employees' Retirement System's funding gap, showing the deep hole into which many pension funds have dug themselves.
[Read More...]


Brown releases revised budget plan with $6.6-billion windfall

Posted May 17, 2011 by    categoryGeneral News categoryState Economy categoryPolitics

State revenue has rocketed to a projected $6.6 billion beyond expectations, a windfall that Gov. Jerry Brown wants to use to stabilize education spending and help repair California's battered finances.

In the revised budget plan that Brown released Monday, schools would receive about $3 billion that would otherwise have been deferred, aiding districts' ability to plan the academic year. The proposal also devotes some of the unanticipated money to business tax credits and to delaying a portion of the tax increases the governor had sought earlier this year. [Read More...]


State contributions to CalPERS will fall in the coming year

Posted May 17, 2011 by    categoryCalPERS categoryState Economy

The state's annual contribution to CalPERS will fall slightly in the upcoming fiscal year, the pension fund announced today.

CalPERS said the state's contribution in the new fiscal year will hit $3.51 billion. That compares with $3.68 billion in the current year. [Read More...]


Union members rally at Capitol to protest budget cuts

Posted May 16, 2011 by    categoryRetirees categoryGeneral News categoryState Economy categoryPolitics

More than a thousand teachers, state workers and others fanned out across the south lawn of the Capitol on Friday to pressure Republican lawmakers to extend expiring taxes to avoid further budget cuts.

The event capped a week of demonstrations by the California Teachers Assn., whose members lobbied lawmakers, staged rallies and, on two occasions, got arrested for refusing to leave the Capitol after the building closed. On Friday, David Sanchez, the union’s president, said that his arrest -– and those of 25 others –- brought attention to the cause of public education.

[Read More...]


1 2 3 4 5 6