Report: California’s Actual Debt At Least $848B; Could Pass $1.1T « CBS Sacramento
SACRAMENTO CBS13 – The combined debt of California’s state and local governments is at least $848 billion and could escalate past $1.1 trillion, according to a new report.The California Public Policy Center – focused on the analysis of California’s financial information on the state and local government levels — based its findings on official reports from the offices of the state controller and treasurer.
READ: California Public Policy Center Report
Gov. Jerry Brown’s $27.8 billion “wall of debt” was only part of the state’s official debt that the report put at $132.6 billion.Much of the state’s debt comes from general obligation bonds — funds for public works — totaling $73.1 billion, unemployment insurance loans totaling $10.9 billion, and lease-revenue bonds totaling $11.3 billion.