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Debt Service on Infrastructure Bonds


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The 2020-21 Budget: Debt Service on Infrastructure Bonds

November 20, 2019 - This post describes the current debt service ratio in the 2019-20 fiscal year.

In addition to this report, you can find the main California's Fiscal Outlook report along with a collection of other fiscal outlook material on our fiscal outlook budget page.

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[PDF] Analysis of the 2008-09 Budget Bill, Infrastructure

February 20, 2008 - Analysis of the 2008-09 Budget Bill, Infrastructure Chapter

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Frequently Asked Questions About Bond Financing

February 5, 2007 - Our office recently issued Implementing the 2006 Bond Package, aimed at helping the Legislature in overseeing the spending of the $43 billion in bond funds just approved by the voters. This report is intended to complement the report on the 2006 bond package. It answers basic questions about the state’s use of bonds to finance its infrastructure.review infrastructure

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[PDF] A Ten-Year Perspective: California Infrastructure Spending

August 25, 2011 - California’s infrastructure includes a diverse array of capital facilities across many program areas. Additionally, the state provides funding for local public infrastructure such as K-12 schools and local streets and roads. Over the last decade, infrastructure costs have taken up a larger share of the state’s budget, yet the state’s infrastructure demands continue to grow. In this report, we summarize the state’s infrastructure spending and provide ideas for planning and funding future infrastructure. Specifically, we recommend that the Legislature establish a more coordinated process for financing infrastructure. Throughout the report, we also highlight ways the state could manage infrastructure to reduce state costs such as prioritizing the state’s infrastructure investments to the most critical and appropriate programs, adopting strategies to reduce infrastructure demand, and identifying additional revenue to support infrastructure.

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[PDF] Bonds and the 1994 Ballots

January 6, 1994 - The Legislature faces important decisions on the bond package to be placed on the 1994 ballots. We urge the Legislature not to use an arbitrary debt-service ratio as the sole or driving factor in making decisions on bonds. The key consideration should be the tradeoff of using state revenues to pay debt service on bonds to develop infrastructure versus using these revenues to support or enhance other state programs. It is critical that the Legislature establish infrastructure priorities and target future state bonds to address these priorities.

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[PDF] California's Fiscal Outlook: The 2010-11 Budget

November 18, 2009 - Our forecast of California’s General Fund revenues and expenditures shows that the state must address a General Fund budget problem of $20.7 billion between now and the time the Legislature enacts a 2010–11 state budget plan. The budget problem consists of a $6.3 billion projected deficit for 2009–10 and a $14.4 billion gap between projected revenues and spending in 2010–11. Addressing this large shortfall will require painful choices—on top of the difficult choices the Legislature made earlier this year.

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California's Fiscal Outlook: LAO Projections 2008-09 Through 2013-14

November 20, 2008 - The state’s struggling economy has severely reduced expected revenues. Combined with rising state expenses, we project that the state will need $27.8 billion in budget solutions over the 2008-09 and 2009-10 fiscal years. The state’s revenue collapse is so dramatic and the underlying economic factors are so weak that we forecast huge budget shortfalls through 2013-14 absent corrective action. From 2010-11 through 2013-14, we project annual shortfalls that are consistently in the range of $22 billion. Closing a projected $28 billion budget shortfall will be a monumental task. We believe the Legislature must take major ongoing actions by both reducing base spending and increasing revenues. If the Legislature has any hope of developing a fiscally responsible 2009–10 budget, it must begin laying the groundwork now.

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[PDF] An Overview: Transportation Infrastructure Proposals and Their Financing

January 30, 2006 - We review infrastructure proposals in the Strategic Growth Initiative related to transportation. Presented to the Assembly Transportation Committee, Hon. Jenny Oropeza, Chair

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California's Fiscal Outlook: LAO Projections, 2007-08 Through 2012-13

November 14, 2007 - 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.

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[PDF] California’s Fiscal Outlook: The 2011-12 Budget

November 10, 2010 - Our forecast of California’s General Fund revenues and expenditures shows that the state must address a budget problem of $25.4 billion between now and the time the Legislature enacts a 2011‑12 state budget plan. The budget problem consists of a $6 billion projected deficit for 2010‑11 and a $19 billion gap between projected revenues and spending in 2011‑12. Similar to our forecast of one year ago, we project annual budget problems of about $20 billion each year through 2015‑16. We continue to recommend that the Legislature initiate a multiyear approach to solving California’s recurring structural budget deficit. In 2011‑12, such an approach might involve $10 billion of permanent revenue and expenditure actions and $15 billion of temporary budget solutions. In 2012‑13, 2013‑14, and 2014‑15, another few billion of permanent actions each year could be initiated, along with other temporary budget solutions, and so on until the structural deficit was eliminated.