July 29, 1994 |
Former State Treasurer Tom Hayes attacked his successor, gubernatorial candidate Kathleen Brown, for her conduct as treasurer Thursday--blaming her for a potentially serious technical mistake in the sale of $4 billion in state warrants. At a news conference arranged by Gov. Pete Wilson's campaign committee, Hayes contended that the error in last week's sale could have cost the state millions of dollars had it not been promptly corrected.
July 3, 2009 |
Wall Street is looking forward to learning California's short-term borrowing plans -- once Sacramento produces a fiscal 2010 budget more or less in balance. The bond market has been expecting that the state would seek short-term financing to bridge the gap between current cash needs and future tax revenue. Normally, this kind of borrowing -- via so-called revenue anticipation notes, or RANs -- is no big deal.
July 21, 1994 |
Cash-strapped California successfully floated $4 billion in short-term debt Wednesday, but the state was forced to offer most of the securities with a costly bank guarantee of repayment. The short-term bonds, maturing in April, 1996, were purchased by major Wall Street brokerages that will resell them to institutional and individual investors.
July 22, 2009 |
If the budget deal reached in Sacramento on Monday is more than smoke and mirrors, California should soon be able to stop issuing IOUs and turn back to Wall Street for short-term financing. But before that can happen, state Treasurer Bill Lockyer and Controller John Chiang will have to determine how much cash will be coming in the door this fiscal year, and how much less will be going out because of budget cuts.
CALIFORNIA | LOCAL
January 23, 2002 |
SACRAMENTO -- Controller Kathleen Connell, who must track California's cash flow, warned Tuesday that the state will end the fiscal year with virtually no money to pay its bills, and may have to borrow as much as $8 billion next year. Even under Davis' more optimistic view, Connell said, the state could be forced to borrow $2 billion in the new fiscal year that begins July 1.
CALIFORNIA | LOCAL
June 3, 2003 |
In a tactical move intended to keep the state budget moving forward, Senate Democrats on Monday forced a skeleton California budget through the upper chamber, stripping the bill of its specifics and thus ducking for the moment a looming inter-party fight over how to balance the state's finances. Democrats easily overcame Republican opposition to the bill and sent it to the Assembly, but to get the measure through, all sections of it that specified how money would be spent were removed.