Legislative Analyst’s Office Presented to: November 20, 2014 California Association of School Business Officials, CBO Symposium 0.

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Presentation transcript:

Legislative Analyst’s Office Presented to: November 20, 2014 California Association of School Business Officials, CBO Symposium 0

1 National and State Economies

Economic Expansion Well Underway, Assumed to Extend Throughout Forecast Period Real Gross Domestic Product, Percent Change From Prior Year 2

Personal Income Hovering Around 5 Percent Throughout Forecast Period Percent Change From Prior Year 3

Unemployment Rate Dropping Throughout Forecast Period Percent Change From Prior Year 4

Assessed Property Values Growing Moderately Throughout Forecast Period Percent Change From Prior Year 5

California Housing Permits Increasing Throughout Forecast Period Permits (In Thousands) 6

7 State’s Fiscal Outlook

Revenue Up Slightly in , More Notably in Big Three Revenues (In Billions) 8

LAO General Fund Condition Under Main Scenario (In Millions) 9

Revenue Outlook Big Three Revenues Under Main Scenario (In Billions) 10

LAO Main Scenario: Lower Capital Gains After 2014 Net Capital Gains on Resident Tax Returns (In Billions) 11

LAO Main Scenario: Reserve Deposits and Future Surpluses (In Billions) 12

$4.2 Billion Reserve Could Cover Shortfall in Hypothetical Economic Slowdown (In Billions) 13

LAO Main Scenario: Debt-Service Ratio Remains Under 6 Percent Percent of General Fund Revenues Spent on Debt Service 14

15 Education Outlook

Minimum Guarantee Up Slightly, Guarantee Up Significantly Under LAO Scenario (In Billions) 16

Considerable New Proposition 98 Funding Projected for LAO Main Scenario (In Millions)

Under Slowdown Scenario, Guarantee Drops Between and (In Billions) 18

Proposition 98 Outlook Estimate of Minimum Guarantee Under LAO Main Scenario (In Billions) 19

Increase in Guarantee Largely Funded by Growth in Local Property Tax Revenue 20 Change From Prior Year (In Billions)

K-14 Cost-of-Living Adjustment on the Rise Throughout Forecast Period Percent Change From Prior Year 21

22 Proposition 2

Debts Eligible for Proposition 2 Debt Payments (In Billions) 23

LAO Suggested Approach for Proposition 2 Debt Payments (In Billions) 24

lao.ca.gov 25