The Swarm

Mix it up with The Bee's editorial board.

June 22, 2009
Man bites dog? Cali repays bonds

Actually, it is really dog bites man, because California has always repaid its bonds. But it still might be shocking to anyone who is casually following the state's finances. Anyway, it was surprising enough that Tom Dresslar from the Treasury's office felt compelled to publicize it in a short news release:

Today the State paid investors on time and in full $3.94 billion in principal and interest on RANs (Revenue Anticipation Notes) we sold in October 2008.


 

June 10, 2009
What rainy day fund?
I find it beyond strange that the fight over the next budget fix is coming down to a battle over a rainy day reserve. The reserve in question does not even exist, and probably never will. The state is billions in the red. The "reserve" really was just Schwarzenegger's way of saying here are the cuts needed to balance the budget using my revenue projections, and here are the cuts needed using the LAO's projection, which says we will have about $3 billion less to spend. The Democrats are raising hell about that extra $3 billion. But in doing so, are they saying that the rest of the governor's budget is not offensive to them? In other words, they can resolve a $21 billion shortfall without raising taxes, but not a $24 billion shortfall? That's hard to believe. In any case, it seems as if the governor has pulled a fast one on them if they are willing to declare victory after killing a reserve that never really existed.
June 10, 2009
Cash Supply: 50 days
Wow. May is not a big month for tax collections, but still, income and corporate tax receipts down about 25 percent from the levels projected in the May Revision, just a few weeks before. That can't be a good sign. Sales tax, meanwhile, was down a relatively tiny 3 percent. Controller John Chiang reports on the cash situation here. He says the state is down to 50 days on the checking account before he has to start triaging the bills again.
June 10, 2009
Cash Supply: 50 days
Wow. May is not a big month for tax collections, but still, income and corporate tax receipts down about 25 percent from the levels projected in the May Revision, just a few weeks before. That can't be a good sign. Sales tax, meanwhile, was down a relatively tiny 3 percent. Controller John Chiang reports on the cash situation here. He says the state is down to 50 days on the checking account before he has to start triaging the bills again.
June 10, 2009
Cash supply: 50 days
Wow. May is not a big month for tax collections, but still, income and corporate tax receipts down about 25 percent from the levels projected in the May Revision, just a few weeks before. That can't be a good sign. Sales tax, meanwhile, was down a relatively tiny 3 percent. Controller John Chiang reports on the cash situation here. He says the state is down to 50 days on the checking account before he has to start triaging the bills again.
June 5, 2009
Arnold's dog - Taz

For the first time in Gov. Arnold Schwarzenegger's numerous visits to The Bee's editorial board, I noticed that his security entourage - and it's a big one - includes a dog.

Taz, a German Shepherd, Belgian Malinois mix was posted outside the 3rd floor editorial board room.

To guard against what, exactly? Not drugs, it turns out.

The CHP handler teamed with the dog told me the dog was a bomb sniffing dog. Taz did a very good job. There were no blow ups, metaphorical or otherwise, during the editorial board's first ever live webcast meeting with the governor.

June 2, 2009
Ask the governor about California's budget crisis

 

Join us live Friday as the Sacramento Bee editorial board questions Gov. Arnold Schwarzenegger. Watch the discussion, and participate by sending your questions. It starts at 11 a.m. Friday at www.sacbee.com/live. Or, e-mail your questions for the governor in advance to topics@sacbee.com.


About The Swarm

The Swarm is written by members of The Sacramento Bee's editorial board. They meet daily and are separate from the newsroom. Views included here are those of individual writers, and do not necessarily reflect those of a majority of the board or the positions expressed in The Bee's editorials.

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