Proposition 30 win no guarantee of fiscal safety for California (LA Times)

November 12, 2012 – The election wasn’t even over Tuesday when state Treasurer Bill Lockyer’s phone started ringing. Activists of all stripes had the same message for him: With voters apparently poised to approve billions of dollars in tax hikes, it was time to spend more money. “They had to be reminded the money has already been spent,” Lockyer said. As California tries to shake its national reputation as a financial bungler, policymakers in Sacramento will be managing an estimated $6 billion in annual revenue from Gov. Jerry Brown’s newly approved tax plan, Proposition 30. The money is already included in the budget the governor signed last summer. The bloodletting that has become a ritual part of assembling the state budget is expected to fade. But some of the issues that have made California’s financial problems so persistent remain and could still create a budget gap if things don’t go as planned.

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