Sen. John Moorlach Cautions Legislature on Projected Surplus
FOR IMMEDIATE RELEASE
Sen. John M.W. Moorlach, R-Costa Mesa, comments on the Legislative Analyst’s (LAO) new report, “The 2019-20 Budget: California’s Fiscal Outlook”:
The LAO is optimistic about nearly $15 billion in additional resources to allocate after putting another $15 billion into the Rainy Day fund. The report concedes its November 2000 projection of a $10.3 billion estimated surplus for 2001-02 was crushed by the dot-com bust and ensuing recession. We know how that ended. Continue reading