In a move that promises to be heavy on campaign overtones, Governor Schwarzenegger announced today that he’s releasing the May Revise earlier than anticipated, on May 14. He’s also promising to release two versions of the May Revise (Would that be May Revises? Or May Revisions?) – one scenario if the ballot measures pass on May 19, and another if they don’t. As in years past, the CBP will be releasing an analysis of the May Revise(s), so stay tuned.
It’s important to note that California will face a shortfall in 2009-10 regardless of the outcome of the May 19 election. If some combination of Propositions 1C, 1D, and 1E are rejected by the voters, the gap will widen (Proposition 1A, 1B, and 1F have little or no impact on the 2009-10 budget). That means that budget decisions promise to be tough no matter what happens on May 19.
(Update: News reports now suggest that the Governor’s office will only release budget “summaries” on Thursday, and that the May Revise will be released on May 28.)
— Lisa Gardiner