Fiscal Emergency Proclamation 12/19/2008
WHEREAS, due to developments in the worldwide and national financial markets, and continuing weak performance in the California economy, there is an approximately $15 billion General Fund deficit for the 2008-09 fiscal year, which without effective action, is estimated to grow to a $42 billion General Fund budget shortfall over the next 18 months; and
NOW, THEREFORE, I, ARNOLD SCHWARZENEGGER, Governor of the State of California, in accordance with Section 10(f) of Article IV of the Constitution of the State of California, HEREBY DETERMINE that General Fund revenues for Fiscal Year 2008-09 will decline substantially below the estimate of General Fund revenues upon which the 2008 Budget Act was based.
IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 19th day of December, 2008.
PS: I have no idea how the graphics on this are going to work when it posts. I'll fix it tonight if it's bad. In the meantime, if you can't read it, click the link at the top.
PPS: Graphics fixed. Also, here's the letter the governor sent to state workers. Let me know if you think that would make you feel better.
Friday, December 19, 2008
Fiscal Emergency Proclamation
From the governor's website: