Inland Empire cities wait for Sacramento to drop the budget axe
0 Comments | Sun, The; San Bernardino, Calif., Jun 2, 2009 | by Andrew Edwards
Area officials face the possibility of hard times becoming even harder.
As California’s financial fiasco continues, so does the chance that Sacramento officials may choose to balance the state budget by borrowing funds that would otherwise go to local governments.
“They’re borrowing to pay off their borrowing, or to pay the interest,” Ontario City Manager Greg Devereaux said.
Gov. Arnold Schwarzenegger on Tuesday spoke before the Legislature to encourage lawmakers to reach a speedy budget agreement. The state is more than $24 billion in the red and having trouble paying its bills as tax revenues shrink in a weak economy.
Schwarzenegger’s proposal includes borrowing $2 billion in property tax revenues and taking $744 million in gasoline tax money from local governments
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