We had been told California has a balanced budget (using money stolen from trust Funds to cover the deficit).? Guv Brown says we should be able to end most of the debt/deficit load in four years?yet since earlier this year the debt load of California has increased by $5 billion.? None of this includes the unfunded liabilities of the pension systems?which are now mostly unsustainable.
?Add it all up and the state has just over $74 billion in outstanding general obligation bonds, according to the state Treasurer?s Office. A report issued last October from that office also included an additional $11.33 billion in lease revenue bonds, $1.9 billion in high speed rail bonds, and $7.51 billion in special fund bonds.
But remember that ?wall of debt?? That debt came to $26.8 billion as of July 1, which Brown says will be cut to $4.6 billion in four years. There?s also about $10 billion the state Employment Development Department owes to the federal government for unemployment insurance claims paid out during the recent recession.?
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California?s current debt load: $132 billion
California state government is currently paying down $132 billion in general obligation bonds and other debt.
Christopher Arns, Sacramento Business Journal, 9/6/13
Wondering about California?s red ink? Gov. Jerry Brown made headlines in May during a press conference to announce his revised budget when he promised to pay down the state?s ?wall of debt.? He was talking about deferred payments to CalPERS, schools and community colleges, deferred Medi-Cal costs, and borrowing from special funds.
But the state has other debt as well. Here?s a quick look at what the state owes in general obligation bonds, organized by category as of today:
? K-12 education: $31.55 billion
? Clean water and disaster preparation: $13.62 billion
? Transportation and clean air: $12.57 billion
? Higher education: $9.28 billion
? Housing: $2.92 billion
? Other: $1.93 billion
? Stem cell: $1.2 billion
? Children?s hospital: $1.19 billion
Add it all up and the state has just over $74 billion in outstanding general obligation bonds, according to the state Treasurer?s Office. A report issued last October from that office also included an additional $11.33 billion in lease revenue bonds, $1.9 billion in high speed rail bonds, and $7.51 billion in special fund bonds.
But remember that ?wall of debt?? That debt came to $26.8 billion as of July 1, which Brown says will be cut to $4.6 billion in four years. There?s also about $10 billion the state Employment Development Department owes to the federal government for unemployment insurance claims paid out during the recent recession.
All told, California?s current debt load ? not including billions in liabilities for public pensions and retiree health care benefits ? is roughly $132 billion.
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