Tag Archives: budget

May Revision and the Redevelopment Dissolution Clean-Up

22 May

On May 14th Governor Brown released the revised state budget for 2012-13. You probably already know that the state’s predicted deficit has ballooned to $15.7 billion (up from the $9.2 billion estimate in the January budget). And you’ve also probably heard that the budget is relying on an estimated $818 million dollars in property tax revenues as a result of the shuttering of the state’s redevelopment agencies.

What’s new with this revision is that the Governor is proposing to sweep all redevelopment housing monies (i.e., funds in addition to the $818 million referenced above) to help address the budget shortfall. Continue reading