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Thinking ahead. About the future of. State & local finance. Fred Silva SR. FISCAL POLICY ADVISOR. WHAT IS CA FWD?. The California Endowment. The Haas, Jr. Fund. 5 foundations. The Hewlett Foundation. The Irvine Foundation. to reshape the future of CA. The Packard Foundation. - PowerPoint PPT Presentation
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FRED SILVA SR. FISCAL POLICY ADVISOR
THINKING AHEADABOUT THE FUTURE OFSTATE & LOCAL
FINANCE
WHAT IS CA FWD? The California
EndowmentThe Haas, Jr. FundThe Hewlett FoundationThe Irvine
FoundationThe Packard Foundation
5 foundations
to reshape the future of CAby changing the way ourgovernment
operates
2013-14STATEBUDGET
MODERATE GROWTHpersonal incomelabor force
unemployment
2013-14STATEBUDGET
MODERATE GROWTHpersonal incomelabor force
unemployment
CHANGING COMPOSITION & “BALANCE”2010-112013-14
FISCAL YR
GENERAL FUND
SPECIAL FUNDS
73%58%
27%42%
2013-14STATEBUDGET
MODERATE GROWTHpersonal incomelabor force
unemployment
BALANCEprojected
general funds
revenues
proposedspending
special funds (42%)
LONG-TERM OBLIGATIONS
wall of debt
debt servicepensions
LOCAL FINANCEgeneral purpose revenues have changed property tax
base annual growth has
declined
property tax/VLF
swap has increased
local revenues
LOCAL FINANCEdecline in annual property tax growth property tax
base annual growth has
declined
South Bay Cities pre-recession growth: 5-7%/yr South Bay Cities current growth: 2.4%/yr
property tax/VLF
swap has increased
local revenues
general purpose revenues have changed
FUTURE CHALLENGESmatching revenues with responsibilityincreasing transparency
bolstering state reserveslocal gov’t
state gov’t
CAFWD.ORGCAECONOMY.ORG
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