California Financial News - Budget cuts

Budget cuts will cripple California colleges and universities

From the 1960s to the 1990s the vocational training system in California was 2nd to none. Nation flocked to this impressive state so that their children not only had admission to the K-12 system, but to a social university system that rivals the Ivy League.

The University of California system is a big player in the world of secondary education; however, with the latest budget cuts – and the plans for more – that may all be changing. This is a travesty and will only work to tip the scales in the sinful direction.

California's public pensions need reform

Advocates of overhauling California's problematic pension system for public labourer could not have chosen a more providential moment to throw away their reform campaign.

The enormous California Public Employees' Retirement System is in deep financial doo-doo, having lost tens of billions of dollars in often-theoretical investments, and is telling state and local officials it going to need more "contributions." Meantime, investigations are below way into multimillion-dollar payments to placement agents who arranged some investments.

State Finance Directors Warn of More Cruxes Ahead

Short-time budget gaps have battered states as earnings plummeted through the retirement. Assistance by about $250 billion in funds from the stimulus package expected through the end of 2010, states governed to shut down the gaps this year - 2009. But both finance directors, talking at a Pew Center on the States event in Washington, were pessimistic about their position' futures on the other side financial 2011