Capitol Alert: California fiscal analyst projects large surpluses

BY JIM MILLER
jmiller@sacbee.comNovember 20, 2013

California's budget is on track for multibillion dollar surpluses in the coming years, the Legislature's nonpartisan fiscal analyst said Wednesday in an upbeat assessment of the state's fiscal picture.

An improving economy and continuing revenue from voter-approved tax increases in 2012 have left state finances in strong shape, Legislative AnalystMac Taylor wrote in his office's five-year fiscal outlook released this morning.

The state is projected to have a $5.6 billion reserve by June 2015. Taylor, though, offered a note of caution in the report, the second-straight rosy review of state finances after years of red-ink warnings.

"Despite the large surplus that we project over the forecast period, the state's continued fiscal recovery is dependent on a number of assumptions that may not come to pass," he wrote.

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