Tuesday, May 12, 2009

Debt and Thievery, California Style

By Robert Gammon
Tue, May 12, 2009 at 11:15 AM

The state Department of Finance is threatening to confiscate $2 billion from cities to balance its massive deficit, in a move that could further threaten the solvency of local governments, including the City of Oakland. The Contra Costa Times reports that Oakland could lose $6.4 million in local property tax revenues if the state goes through with the threat, adding to the city's already $100 million deficit problem. Governor Schwarzenegger, meanwhile, says that if voters turn down Propositions 1A to 1F, the states budget deficit will top $21 billion, according to the Chron. If voters approve the measure, which now looks like a long shot, then the state budget mess will stand at $15 billion.

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