California has a budget deal. That said, the devils is always in the details and those are lacking this morning. What’s known is that local governments (counties and cities) will face a $5 billion cut, the plan includes borrowing and some “speeding up of tax collections” and other one-time fixes.
Needless to say, I’d like to know more about the changes in tax collections. Estimated payments went to a 30/30/20/20 scheme this year; are they thinking of a 45/45/5/5 scheme? Or some other foolish ideas that will make California’s excellent business climate even more palatable? Supposedly the details will be available late today or tomorrow. I’ll let you know when I see them.