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DISCUSSION <br />The California Legislature has missed its Constitutional budget deadline of July 1, 2008. <br />It has been reported that some state officials are considering the borrowing of local <br />government, redevelopment and transportation revenues to help close an estimated <br />$15.2 billion deficit. Many state leaders, including Governor Schwarzenegger, have <br />issued statements opposing this approach as the solution. However, legislators remain <br />divided on a solution to adopt a balanced budget and as a result the fiscal impact to <br />cities continues to be discussed. <br />The City of Pleasanton, along with the League of California Cities have made several <br />attempts to convey to legislators that a balanced budget should be achieved using state <br />funds and not include local government, redevelopment or transportation funding <br />necessary for community services, revitalization and infrastructure. Continued <br />borrowing from local government is not a solution to the State's long-term fiscal <br />problems and will jeopardize services in our community. <br />Staff remains concerned with any efforts by the State to borrow or seize local, <br />redevelopment or transportation funds and is recommending adoption of the <br />accompanying resolution. <br />Submitted by: <br />i~ ~~~. <br />Maria Lara <br />Assistant to the City Manager <br />Fiscal Review: <br />f/' V ~ v ~,~U`~ <br />David P. Culver <br />Finance Director <br />Approve by: <br />Nelson Fialho <br />Ciry Manager <br />X:UAlara\legislative\State Gov budget cc rpt &2008 Fnl.docPage 2 Of 2 <br />