1 / 11

California LAFCo Annual Conference October 28-30, 2009

Explore insights from the 2009 LAFCo Annual Conference on California's fiscal landscape, including sales tax revenue, service demands, cost increases, and revenue declines. Learn about necessary adjustments and local government sacrifices in the face of economic pressures.

bclaunch
Download Presentation

California LAFCo Annual Conference October 28-30, 2009

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. California LAFCo Annual Conference October 28-30, 2009

  2. Sales and Use Tax Revenue: FY Total and Percent Change - State Source: California Department of Finance, Financial Research Unit, December 11, 2008.

  3. The Fiscal Squeeze • Growing Service Demands • Increasing Costs • Falling Revenues

  4. Growing Service Demands Source: State of CA, Dept. of Finance

  5. Increasing Costs • Agencies must make larger retirement contributions to offset CALPERS portfolio losses • New Accounting Rules • Must address post employment benefits costs in current budgets

  6. Required CALPERS member contributions increase as stock market falls Source: CALPERS

  7. Falling Revenues • Loss of sales taxes due to slowdown in consumer spending

  8. Loss of property tax revenues due to collapse of real estate bubble Source: CA State Controller

  9. Loss of development-related revenues due to housing crash Source: Calif. Building Industry Assn.

  10. More Local Government Sacrifices to Help Balance 2009-2010 State Budget • Local agencies forced to loan up to 8% of 2009-1020 property taxes to State • State promises to pay by 2013 • State decides to pay 2% interest • Loan securitization - but local agencies will likely pay higher interest rate

  11. State suspends Williamson Act payments to local governments • Worth $33.1 million in 2008/2009 Source: CA State Controller

More Related