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Thursday, May 28, 2009

Calfornia CAFR for 2008: Budget Deficit?

California CAFR page 47

As of June 30, 2008 the CAFR showed a 35 billion dollar surplus.

As I suspected on page 47 of the California CAFR it show the state as 35 billion in the black. Yet these articles from the beginning of 2008 state we have a deficit. Google news archives

ONE EXAMPLE:

California Budget Deficit Balloons to $11.2 Billion
Bloomberg - Nov 6, 2008
California has been hard hit by the housing-market rout and the worst ... The Standard & Poor's 500, down 39 percent in 2008, slumped 19 percent in October ...
Schwarzenegger: $4.7B in tax hikes to end deficit - San Francisco Chronicle
California budget deficit hits $11.2 billion - San Gabriel Valley... - NewsBank ($3.50)
Press Telegram - San Francisco Chronicle - All 44 related - Related web pages


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