Finance Director Outlines Investment Objectives and Budget Proposal for 2020-2021
State Finance Director Keely Martin Bosler discussed California's economic outlook at a California Chamber of Commerce luncheon this week. The Department of Finance (DOF) expects the state's economy to keep growing, though at a slower pace than seen before.
The state saw an overall $5.6 billion surplus this year, and though the figure is lower than previous years, Bosler cited improvements in the DOF's ability to estimate the impact of federal tax policies on California's revenue as the main cause.
During her speech, Bosler highlighted positives for the state including how unemployment is currently at record lows, and that the state has paid off all its budgetary debts and deferrals, some of which had been on the books for more than a decade. The state is also continuing to fund long-term liabilities, dedicating $6 billion last year in supplemental payments to pension fund liabilities, saving the state $15 billion over a 30-year period.