So how much does California owe in outstanding bonds, how much is it paying in interest this year and what are its unfunded future obligations (such as some portion of state pensions)? I suspect that the “surplus” is purely cash flow that does not reflect the state’s massive borrowing and massive under-saving.
“So how much does California owe in outstanding bonds, how much is it paying in interest this year and what are its unfunded future obligations (such as some portion of state pensions)?”
Debt to GDP
https://www.usgovernmentspending.com/state_spending_rank_2020pH0s
In the middle of the pack at 4.99%, excluding local governments and school boards, water districts etc.
Pension costs are handled for all State and Municipal employees by a separate entity CalPers. Governments and employees make monthly contributions.
CalPers is estimated to be about 78% funded over a 30 year horizon. So, eventually State agencies, municipalities and their employees will have to contribute more. But it’s not on the verge of imminent collapse by any means.