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Some Meat on the State Budget Bones

Last week the Big Five met in Los Angeles and announced a framework agreement for the 2010-11 state budget.

We now know a little more of the details…

• 7.5 billion reduction in spending;

• substantial funds from the federal government, though the funds have yet to be guaranteed;

• a $1.4 billion assessment by the LAO; and

• $1.2 billion from selling state buildings.

It is still unclear exactly what spending reductions have been agreed to and what happens to the deal if some of the other assumptions (i.e. new federal money, LAO assessment, etc.) prove too optimistic.

We’ll keep you posted as things unfold in Sacramento…

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