We the People...
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ON PAGING ASSEMBLYWOMAN WALDRON
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State
Auditor Report Shows California is $127.2 Billion in the Red
As is a common annual practice in the business world, the Auditor totaled
up all of the state’s unrestricted assets and income, and then compared them
against the state’s liabilities to determine net worth. Factoring all of these
things together, California had a negative net worth of $127.2 billion in
2011-12.
The Budget Fact Check found that:
- State spending on government activities still outpaced tax revenues, even
though overall spending declined. This resulted in a drop in California’s net
worth of $8 billion.
- Half of the state’s negative “unrestricted net assets” are the result of
outstanding state bond debt for capital projects for school districts and local
governments.
- The decline in California’s net worth does not take into account the nearly
$64 billion in unfunded retiree health care costs and upwards of $500 billion in
unfunded state pension obligations.
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DISTRICT OFFICE
350 W. 5th Avenue, Suite #110
Escondido, CA
92025
(760) 480-7570, (760) 480-7516 fax
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CAPITOL OFFICE
P.O. Box 942849
Sacramento, CA 94249
(916)
319-2075, (916) 319-2175 fax |
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