May 14, 2012
Issue #52

Editor's Note

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Governor Issues May Revise, New Deficit Projection of $15.7 Billion

Remaining Redevelopment Housing and Other Funds Proposed to Dispersed

Gov. Jerry Brown released his revised FY 2012-13 Budget today (http://www.dof.ca.gov/documents/2012-13_May_Revision.pdf), reflecting an increased deficit of $15.7 billion, up from his January projection of $9.2 billion. The budget shortfall is attributed to overly optimistic revenue forecasts, increased Proposition 98 spending and federal court rulings blocking several budget cuts.

Key words: Revenue and Taxation, State Budget, Municipal Finance, Economic Development, Redevelopment, Transportation, Public Safety, Employee Relations

Department of Finance Urges Successor Agencies to Submit ROPS Before May 25

As the June 1 deadline looms for the distribution of property tax to fund enforceable obligations, the Department of Finance (DOF) has urged successor agencies to submit or resubmit their Recognized Obligation Payment Schedule (ROPS) as quickly as possible.

Key words: Economic Development, Redevelopment, Succesor Agencies, Revenue and Taxation, Municipal Finance, Legal Updates

Bills in Committee: May 14 – 18

See which bills the League is tracking in committee this week.

Key words: Legislation, Hot Bills