I’m betting most of us would ratherdrive staples into our own heads than take more time to contemplate California’s 24-7-365 perpetual state budget crisis.
Gov. Brown vetoed the latest proposal on Thursday. In one sentence, here’s what you need to do on the transportation funding front: With no budget, California can’t sell voter-approved transportation bonds in the fall that are needed to fund many local transit and road projects in L.A. County.
Here’s the latest update from Metro CEO Art Leahy’s daily email to staff:
State Budget Update
Governor Brown today vetoed the Budget passed by the Legislature yesterday. The process from here is unclear, but a significant delay could jeopardize funding for transportation projects. Under the current budget proposal, Caltrans would have been authorized to use existing resources, along with a reduced fall bond sale, to keep projects funded through the end of the year. An extended budget delay may impact Caltrans’ ability to allocate funds to projects. In addition, without a state budget the state cannot engage in the now reduced fall bond sale. Adding to this uncertainty, State Treasurer Bill Lockyer commented that the budget passed by the Legislature is not financeable and would not have allowed the state to borrow to meet its obligations.
Categories: Transportation News