Fred Silva SR. FISCAL POLICY ADVISOR
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Transcript of Fred Silva SR. FISCAL POLICY ADVISOR
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FRED SILVA SR. FISCAL POLICY ADVISOR
THINKING AHEADABOUT THE FUTURE OFSTATE & LOCAL
FINANCE
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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
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2013-14STATEBUDGET
MODERATE GROWTHpersonal incomelabor force
unemployment
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2013-14STATEBUDGET
MODERATE GROWTHpersonal incomelabor force
unemployment
CHANGING COMPOSITION & “BALANCE”2010-112013-14
FISCAL YR
GENERAL FUND
SPECIAL FUNDS
73%58%
27%42%
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2013-14STATEBUDGET
MODERATE GROWTHpersonal incomelabor force
unemployment
BALANCEprojected
general funds
revenues
proposedspending
special funds (42%)
LONG-TERM OBLIGATIONS
wall of debt
debt servicepensions
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LOCAL FINANCEgeneral purpose revenues have changed property tax
base annual growth has
declined
property tax/VLF
swap has increased
local revenues
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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
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FUTURE CHALLENGESmatching revenues with responsibilityincreasing transparency
bolstering state reserveslocal gov’t
state gov’t
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CAFWD.ORGCAECONOMY.ORG