In order to balance the 2008–09 budget, the state will have to adopt nearly $10 billion in solutions. Addressing the state’s current budget problem is even more urgent because we forecast a continuing gap between revenues and expenditures. A plan to permanently address the state’s fiscal troubles must involve a substantial portion of ongoing solutions. This is not only because of the persistent operating deficits projected throughout the forecast, but also because of the downside risks inherent with the economy, General Fund revenue volatility, and a wide range of budgetary uncertainties. Making tough choices now will allow the state to move closer to putting its fiscal woes in the past.
[PDF] The 2011-12 Budget: Overview of the May RevisionReport Nov 18, 2009
California's Fiscal Outlook: The 2010-11 BudgetReport May 27, 1994
[PDF] Overview of the May Revision 1994-95