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<br />8A <br />Page 8 <br /> <br />'Stimulus' Continued from Page 1... <br /> <br />The House Ways & Means also released a summary of the tax provisions that it will be <br />considering as its part of the package next week. It can be viewed at <br />htto :/lwww.ca.com/flatfi les/editorial Files/temoorarvltems/200B/15taxstimulus. odf. <br /> <br />League staff are just beginning to review the many proposals contained in this package. There is <br />little detailed information available at this point. We will keep city officials informed as more <br />information becomes available. <br /> <br />Please note that we have created a Federal Economic Stimulus Update <br />hUo :IIWNW .cacities.ora/index, isp ?displavtvoe=11 &zone=locc&section=&sub sec=&tert=&storv=2 <br />75BO story on the League Web site. We will use this to post any documents we receive relating to <br />the federal package. <br /> <br />'Budget' Continued from Page 1... <br /> <br />Yesterday Gov. Arnold Schwarzenegger delivered his annual State of the State speech - a full <br />two weeks following the Administration's release of his budget proposal to correct both the <br />current year deficit, and provide a spending plan for the 2009-10 fiscal year. It was a shorter and <br />far more subdued speech than his pres~ntations in past years. He described the state as <br />"incapacitated" and facing a true emergency. He urged the senators and assembly members <br />gathered before him in the Assembly chambers to put ideology aside for the good of the state, <br />and to work together to find a budget solution. <br /> <br />'Mitchell' Continued from Page 1... <br /> <br /> <br />"It was a somber speech," commented Mitchell. "He was <br />very clear about telling legislators that it was critical that <br />they work together to resolve this terrible budget crisis <br />quickly. " <br /> <br />Mitchell noted that the speech contained no references to <br />local governments, and that the Administration budget <br />proposal released two weeks ago contained no new <br />proposals to borrow redevelopment funds from local <br />agencies. <br /> <br />"Our city officials need to remain alert and engaged," she <br />cautioned. "We need to continue to support the efforts of <br />state leaders to find long-term solutions to their budget <br />problems that don't involve shifts of local funds." <br /> <br />California Sta1e Association of Counties <br />President Gary Wyatt and League Board <br />President Judy Mitchell, Mayor of Rolling <br />Hills Estates. <br /> <br />State Running Out Of Cash - How Did We Get Here? <br /> <br />While the budget stalemate between legislators and Gov. Arnold Schwarzenegger continues, the <br />deficit continues to grow. Without a fix, state budget experts estimate that the California state <br />budget deficit will reach $42 billion over the next 18 months. The State Controller has warned <br />that cash resources will dry out as early as next month if the Legislature does not act to correct <br />the budget imbalance, forcing the state to issue IGUs to its vendors and to delay refunds for <br />taxpayers. <br /> <br />Many city officials may be asking, how could this be? How could the state of California reach <br />such a critical condition? <br /> <br />2 <br />