SAN FRANCISCO Nov 14 California faces a $1.9
billion budget gap for its next fiscal year, a considerably
smaller deficit than seen in prior years as a result of economic
recovery, spending cuts and new revenue from tax increases
approved last week by voters, the state's budget watchdog agency
said in report on Wednesday.
"Our economic and budgetary forecast indicates that
California's leaders face a dramatically smaller budget problem
in 2013-14 compared to recent years," the report by the
Legislative Analyst's Office said.
"Furthermore, assuming steady economic growth and restraint
in augmenting current program funding levels, there is a strong
possibility of multibillion-dollar operating surpluses within a
few years," the report added.