January 14, 2013 / 9:26 PM / in 5 years

Calif. budget plan review sees spending, revenue 'roughly in balance'

SAN FRANCISCO, Jan 14 (Reuters) - California’s spending and revenue are “roughly in balance,” the state’s budget watchdog said on Monday in a report reviewing the budget plan which Governor Jerry Brown’s state unveiled last week.

The Democratic governor on Thursday delivered some rare good news in his spending plan for the state’s fiscal year beginning in July, saying California’s budget deficit is gone after years of financial troubles, which allows for increased spending on education and healthcare.

The report by the Legislative Analyst’s office also struck an optimistic tone.

“Over the past several years, each January Governor’s budget has included billions of dollars in proposed solutions expenditure reductions, revenue increases, borrowing and other actions - in order to close budget shortfalls,” the report said. “Now, however, the state has reached a point where its underlying expenditures and revenues are roughly in balance.”

With the exception of education funding, the remainder of state General Fund spending reflects a baseline budget,” the report added. “This means that state-supported program and service levels established in 2012-13 generally continue ‘as is’ in 2013-14. Under our and the administration’s fiscal forecasts, this situation would likely continue into 2014-15.”

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