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California: How deep is budget hole? Deeper than politicos admit
Sacramento Bee ^ | March 21, 2004 | Dan Walters

Posted on 03/21/2004 8:11:58 AM PST by John Jorsett

Edited on 04/12/2004 6:07:25 PM PDT by Jim Robinson. [history]

Everyone knows that California is in a deep fiscal crisis and has been running up multibillion-dollar budget deficits, which its politicians have covered over with an imaginative variety of bookkeeping gimmicks and on-and off-the-books loans.

But just how deep is our budgetary hole? The gimmicks make that a very difficult question to answer. Take, for instance, a trick involving the "net operating loss carryforward," which allows corporations to carry forward operating losses from one year into subsequent years to offset profits, thereby lowering their corporate tax bite.


(Excerpt) Read more at sacbee.com ...


TOPICS: News/Current Events; US: California
KEYWORDS: calbudgetcrisis; calgov2002

1 posted on 03/21/2004 8:11:59 AM PST by John Jorsett
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To: John Jorsett
and yet very little will change on the spending side. ~sigh
2 posted on 03/21/2004 8:24:14 AM PST by Drango (2 FReep is 2B --- 2B is 2 FReep)
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To: Canticle_of_Deborah
ping
3 posted on 03/21/2004 8:26:06 AM PST by nickcarraway
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To: John Jorsett
Did The Terminator step into a job possibly too big for even him?
4 posted on 03/21/2004 8:27:41 AM PST by xJones
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To: John Jorsett
DEEP


5 posted on 03/21/2004 8:32:31 AM PST by Enterprise ("Do you know who I am?")
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To: Enterprise
"California: How deep is budget hole? Deeper than politicos admit "


if it gets any deeper; they're gonna finally find jimmy hoffa...

6 posted on 03/21/2004 10:36:10 AM PST by hoot2
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To: hoot2
LOL
7 posted on 03/21/2004 11:00:49 AM PST by Canticle_of_Deborah
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To: John Jorsett
BTTT
8 posted on 03/21/2004 11:00:53 AM PST by jokar (After all, they're not Americans, they're only journalists)
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To: John Jorsett
It's as if the accountants who advised Enron Corp. on overstating assets and revenues and hiding liabilities and expenses made their way to Sacramento to ply their tricky trade.

The state makes Enron look like amateurs.

9 posted on 03/21/2004 5:52:55 PM PST by calcowgirl
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To: calcowgirl
Heck, not one single sucker has been sacked from a state job.....Kalifornia is just plain BROKE.
10 posted on 03/21/2004 6:05:07 PM PST by pointsal
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