Bay Area

California Moving into Next Budget Year With a $31 Billion Surplus, Analysts Say

“Under our current law and policy approach, we estimate the general fund revenue will reach $202 billion in the budget year and result in a surplus of about $31 billion for that budget year,” said Gabriel Petek, legislative analyst of the State of California, referring to LAO’s projections for fiscal year 2022-23.

Published

3 years ago

November 28, 2021

Oakland Post

California has the strongest economy of any state in the country with an estimated Gross State Product of $3.0 trillion. If it were a country, California would be the fifth-largest economy in the world.

By Tanu Henry, California Black Media

California is expected to move into the next fiscal year, which begins July 1, 2022, with a whopping $31 billion surplus, according to estimates from the independent Legislative Analyst’s Office (LAO).

The LAO announced the anticipated surplus during a news briefing last week.

Petek said the large surplus reflects a number of trends. Among them are surpluses in the state current operating budget, money left in the economic reserve from the last fiscal year, higher revenues than projected for the last two years, etc.

“Revenue collections have grown rapidly in recent months, coming in over $10 billion ahead of budget act expectations so far this year. Underlying this growth is a meteoric rise in several measures of economic activity,” LAO report reads.

That windfall in the state reserve could mean a rebate for taxpayers or more money for education and other public spending.

State spending is expected to reach a cap set by California voters through a ballot measure in 1979 called the Gann Limit. When that happens, the state is compelled to return money to taxpayers by lowering taxes, sending out rebates or spending money on education.

Salena Pryor, president of the California Black Small Business Association (BSBA) says she is encouraged by the investments the state has made to aid small businesses and to improve the overall economic outlook for Californians most impacted by the pandemic.

She hopes the state will use monies from the surplus to sustain some of its initial investments.

“There is still a lot more work to do. Forty-one percent of Black small businesses have closed permanently due to COVID-19, so further investments into start-ups and restarts would greatly benefit our community,” she said.

“California has no peers – continues to have no peers. We are world-beating in terms of our economic growth,” said Gov. Gavin Newsom, speaking at the California Economic Summit earlier this month.

“In the last five years, no western democracy has outperformed the state of California. The United States has not… Germany, Japan, the U.K… no other western democracy has outperformed this state in our economic output of 21% GDP over the last five years.”

Oakland Post

Posts by Oakland Post

Up Next

Get Booster Shot, Celebrate Thanksgiving Holiday Safely, State Officials Say

Don't Miss

New California “Strike Force” Gives Teeth to State Housing Laws

Oakland Post

Click to comment

Activism

Oakland Post: Week of November 27 – December 3, 2024

The printed Weekly Edition of the Oakland Post: Week of November 27 – December 3, 2024, 2024

Published

3 days ago

November 30, 2024

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Oakland Post

Posts by Oakland Post

Activism

OCCUR Hosts “Faith Forward” Conference in Oakland

The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12th Congressional District in the U.S. House of Representatives in January.
Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership.

Published

1 week ago

November 24, 2024

Oakland Post

President and CEO of OCCUR addresses the audience at OCCUR Faith Forward 2024 Conference at Resurrection Church. Photo by Carla Thomas.

By Carla Thomas

The Oakland Citizens Committee for Urban Renewal (OCCUR) hosted its Faith Forward 2024 Conference on Nov. 8 at Resurrection Church in Oakland.

The conference featured Congresswoman-elect Lateefah Simon, who will begin her term representing California’s 12^th Congressional District in the U.S. House of Representatives in January.

Simon was honored with a special recognition from OCCUR for her civic and nonprofit leadership. During her remarks, She commended nonprofits making a difference, and shared how she looked forward to representing Oakland and surrounding areas.

Simon also encouraged attendees to continue fighting despite their concerns about the presidential election results. She also cautioned that there may be resources that are discontinued as a result.

“We know the assignment. We have many of the resources right within our own community, and we will be ok,” Simon assured the audience.

The conference led by OCCUR president, Dr. David B. Franklin, also featured panels on funding opportunities, case studies, economic development, sustainable housing solutions, and organizing for action.

“In order for organizations serving the community to thrive, everyone must collaborate, share resources, and not operate in silos,” said Franklin.

Speakers included San Francisco Foundation CEO, Fred Blackwell, San Francisco Foundation FAITHS Program Director Dr. Michelle Chambers, and Kingmakers of Oakland Founder, Chris Chatmon. Guests were briefed on how Kingmakers of Oakland has gone from a budget of zero to several million and is set to acquire 200 acres of property to expand their programs serving young boys. The leadership at the San Francisco Foundation encouraged nonprofits, churches, and community leaders to work together, especially when donations and funding numbers are lower.

Ben Bartlett of Berkeley City Council; Trevor Parham, CEO of Oakstop; and CEO of the Lao Family Community Development, Inc., Kathy Chao Rothberg, inspired attendees with stories about their journeys in the nonprofit sector.

Additional speakers included Deka Dike, CEO of Omatachi; Landis Green, CEO of DGS Strategies; Sasha Werblin, Director of Economic Development, LISC Bay Area; Oakland City Councilmember Treva Reid; Faith and Justice Organizer of East Bay Housing Organizations, Ronnie Boyd; and Todd Bendon, Executive Director of Faith in Action East Bay; among others.

The event allowed community leaders, faith-based leaders, and nonprofits to gain Insight on how to strengthen their profits financially, and communally.

OCCUR has served the community for over 70 years supporting the wellbeing of historically marginalized communities with collaborative strategies. For more information visit occurnow.org

Oakland Post

Posts by Oakland Post

Bay Area

Richmond’s New Fire Chief Sworn In

“Chief Osorio rose up through the ranks in the Richmond Fire Department over the last 21 years before being elevated to chief,” noted Harpreet Sandhu, field representative for Congressmember John Garamendi,. “He joined the department in 2002 and has served in multiple roles including firefighter, engineer, captain, battalion chief, training director and deputy fire chief.”

Published

1 week ago

November 24, 2024

Oakland Post

Chief Osorio (far left) was sworn in at a well-attended ceremony at Richmond City Hall on Nov. 15. All photos by Mike Kinney.

By Mike Kinney
The Richmond Standard

Richmond Fire Chief Aaron Osorio was sworn into his new role in a well-attended ceremony at Richmond City Council Chambers on Friday, Nov. 15.

The crowd included Osorio’s family and friends, rank-and-file Richmond firefighters, fellow fire chiefs from Bay Area agencies, elected officials and community members.

Richmond City Manager Shasa Curl provided an introduction and acknowledged Chief Osorio’s “heroic service to Richmond.”

Harpreet Sandhu, field representative for Congressmember John Garamendi, presented the chief with a Congressional Commendation, citing his 23 years of serving in the fire service in Richmond in numerous positions.

“Chief Osorio rose up through the ranks in the Richmond Fire Department over the last 21 years before being elevated to chief,” Sandhu noted. “He joined the department in 2002 and has served in multiple roles including firefighter, engineer, captain, battalion chief, training director and deputy fire chief.”

The chief’s wife, Maria, and two sons Roman and Mateo helped perform the badge-pinning.

Richmond City Clerk Pamela Christian then conducted the swearing-in ceremony.

Chief Osorio thanked his family, colleagues, and city for their support, calling it “very humbling” to take on leadership of an “amazing organization.”

Once the ceremony was done, the chief stated, “I’m ready to get to work.”