Posted on 05/10/2021 9:00:26 AM PDT by BenLurkin
That's an easy one.
They'll simply use the excess profits from ticket sales for the California High Speed Rail.
” I wonder where the money is coming from.”
Record tax revenues.
CA was already ahead of the fiscal year projection (upon which the budget is based) by $14.5bil in March.
And that’s before Uncle Santa Claus showed up with a whole bag of cash.
CA government had absolutely NO NEED for a bailout. None.
But Uncle Santa Claus sent the check anyway.
Even without the Fed money, CA was going to have to send money back to the citizens...by law.
Why do you think the state is broke?
That’s curious.
CA has been reaping record tax revenues.
Google "California budget problems" and you'll see many articles on budget woes. The temporary surplus won't cover all the problems. Several years of spending of reserves to prop up deficit areas, lack of maintaining infrastructure, over-reliance on federal funds and federal stimulus bailouts; it's all going to bode badly in the next few years. Just last year Newsom was begging the feds for federal funding. There are many reasons why us Californians want to recall Newsom.
Indeed just another dirty democrat.
California is broke because its state pension system is unfunded, which when combined with the generous pensions promised means they will be in bankruptcy in a few years. They should be saving the money for that instead of buying votes with the record revenues.
The state pension system is a separate, independent bucket of money that is off budget.
It operates nearly as a private entity.
They set contribution rates for state, county and municipal governments annually. And they invest those contributions.
They currently have $360bil in assets and are project to fall $150bil short over the next 30 years. Thus contribution amounts have been increased.
However, the STATE of CA had a $76bil surplus this last fiscal year. It’s a completely separate entity.
Thanks! I am happy to hear they have fixed that problem and thanks for letting me know!
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