No matter how hard they try, it seems California legislators cannot get the state’s budget under control. After their choice to put State workers on two furlough days a month, a new study has come out reporting that the missed work will drastically reduce the amount of revenue the state collections in income taxes. The estimated loss over the next fiscal year could be as much as $1 billion. Below I’ve included a story about the new revelation courtesy of SFGate.com.
The setback could further strain California's budget, contributing to shortfalls in the current and next fiscal years.
Officials from Gov. Arnold Schwarzenegger's administration - from the Department of Finance, the Franchise Tax Board and the Board of Equalization - presented the state Senate Budget Committee on Tuesday with the estimated revenue losses due to the furloughs and budget cuts.
At the hearing, Sen. Denise Moreno Ducheny, D-San Diego, told the officials they should rethink the wisdom of the work stoppages at the tax and equalization boards.