state budget update
DESCRIPTION
State Budget Update. Legislative Analyst’s Office C.A.S.H. Fall Conference October 15, 2013. www.lao.ca.gov. Update on U.S. Economy. Gross Domestic Product Projected to Grow About 3 Percent Annually. Year-to-Year Percent Change. Personal Income Projected to Grow About 5 Percent Annually. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/1.jpg)
State Budget Update
Legislative Analyst’s Office
C.A.S.H. Fall Conference
October 15, 2013
www.lao.ca.gov
![Page 2: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/2.jpg)
2
Update on U.S. Economy
![Page 3: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/3.jpg)
Gross Domestic Product Projected to Grow About 3 Percent Annually
Year-to-Year Percent Change
3
![Page 4: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/4.jpg)
Personal Income Projected to Grow About 5 Percent Annually
Year-to-Year Percent Change
4
![Page 5: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/5.jpg)
S&P 500 Volatile But Projected to Grow Over Period
Year-to-Year Percent Change
5
![Page 6: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/6.jpg)
Employment Projected to GrowLess Than 2 Percent Annually
Year-to-Year Percent Change
6
![Page 7: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/7.jpg)
7
Major Concerns
Federal Shutdown Debt Ceiling Impasse Downturn in Stock Market
![Page 8: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/8.jpg)
8
Update on California Economy
![Page 9: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/9.jpg)
Payroll Employment GrowingIn Eight Industry Sectors
Percent Change From August 2012 to August 2013
9
![Page 10: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/10.jpg)
Unemployment Rate for 12 Largest Counties Varies Notably
Rate in August 2013
10
![Page 11: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/11.jpg)
Significant Increase in Housing Prices in State’s Large Metropolitan Areas
Percent Change
11
![Page 12: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/12.jpg)
State Revenue Growth Linked With Stock Market Growth
Year-Over-Year Percent Change
12
![Page 13: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/13.jpg)
13
Revenue Update
![Page 14: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/14.jpg)
14
Budget Act Revenue AssumptionsGeneral Fund and Education Protection Account Combined(Dollars in Millions)
![Page 15: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/15.jpg)
15
General Fund ConditionUnder Budget ActGeneral Fund and Education Protection Account Combined(Dollars in Millions)
![Page 16: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/16.jpg)
16
2012-13 State Revenue UpdateYear End (In Millions)
![Page 17: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/17.jpg)
17
2013-14 State Revenue Update
Personal Income Tax (PIT) Withholding Above Projections
PIT Estimated Payments Above Projections Sales Tax Revenues Below Projections Corporate Tax Revenues Below Projections
![Page 18: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/18.jpg)
18
Education Budget Recap
![Page 19: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/19.jpg)
19
Proposition 98 FundingIn Millions
![Page 20: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/20.jpg)
20
Major 2012-13 ChangesIn Millions
![Page 21: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/21.jpg)
21
Major 2013-14 ChangesIn Millions
![Page 22: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/22.jpg)
Programmatic Per-Pupil Funding ReboundingPer-Pupil Funding in Dollars
22
![Page 23: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/23.jpg)
23
Tracking Deferral PaydownsIn Millions
![Page 24: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/24.jpg)
24
Education Budget Outlook
![Page 25: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/25.jpg)
25
Pessimistic Scenario
![Page 26: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/26.jpg)
26
Best Guess Scenario
![Page 27: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/27.jpg)
27
Optimistic Scenario
![Page 28: State Budget Update](https://reader036.vdocument.in/reader036/viewer/2022070419/56815b69550346895dc95e00/html5/thumbnails/28.jpg)
Visit the LAO website at:www.lao.ca.gov
28