Feb 27 2012

Video: California Legislative Analyst’s Office – The 2012-13 Budget: Economic and Revenue Update

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In this video, Deputy Legislative Analyst Jason Sisney, economists Justin Garosi and James Nachbaur, and fiscal and policy analyst Chas Alamo discuss the LAO report “The 2012-13 Budget: Economic and Revenue Update.”

Watch the embedded video above and read the report here.

Economic data currently is providing plenty of mixed signals to California’s policymakers, as they continue to craft state and local budgets in a constrained fiscal environment. California’s economy now is clearly improving in many important ways, including employment growth. Nevertheless, significant impediments block the state’s path to a more robust recovery from the recent, staggering economic downturn.

Like the economic data, reports concerning state revenues also have been delivering some mixed messages recently, with recent weakness in income tax payments accompanied by speculation concerning a future bonanza of tax revenues due to the possible initial public offering (IPO) of stock by Facebook, Inc. This report provides our updated projections concerning these and other trends in the economy and state revenues.

Read it all.

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  1. […] enough the amount of money the State of California will receive from Facebook this year won’t be making even a dent in the $8 plus Billion deficit. […]

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