The Three State Budgets
Last Friday, there was a legislative hearing on the current three versions of the state budget for 2013-14. There is the governor’s “May Revise” proposal and two separate proposals by the state assembly and the state senate. The two legislative versions rely on a revenue forecast by the Legislative Analyst’s Office (LAO) which projects higher tax receipts than the governor’s Dept. of Finance (DOF). However, the two legislative proposals use the extra revenue differently. From the UC perspective, there is no significant direct effect on the operating budget regardless of which budget is enacted. However, the assembly version provides for…