Another aspect of the state budgeting process is that we seem to be on a five-month budgeting cycle -- and so we arrive at a new budget in January (not July). The deficit that is being advertised on the street in Sacramento is $7 billion. The whisper on the same street is that the true shortfall that has to be resolved is $12 billion. And those that have been accurately calculating this business all the way along, say that they deficit will be $20 billion when we arrive in January.
Regardless of January's resolution, all of this will obviously impact the budget for the 10-11 year and our spring budget planning.
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