For Immediate Release: December 14, 2009
Contact: Anthony Matthews – tel. (916) 319-2007
SACRAMENTO — The Assembly Budget Committee met today to review California’s debt burden, featuring testimony from State Treasurer Bill Lockyer and Legislative Analyst Mac Taylor. The following is a statement from Assemblymember Noreen Evans (D-Santa Rosa), Chair of the Assembly Budget Committee, about the hearing and the need for legislation to improve how California plans the use of future bond debt.
“California is drowning in debt. The debt service on bond debts is the fastest growing part of our General Fund budget and is expected to exceed ten percent over the next five years. But our economy continues to deteriorate and is not expected to recover for years.
We need to plan how to get out from under this mountain of debt and how to use existing bond funding wisely to create jobs and invest in our infrastructure. Job creation must be at the top of our list of priorities for how we use bond funds. When the Governor announces his plans for use of bond funds next year, I hope he will address this need.
I will introduce legislation in the coming year to improve how the state uses infrastructure bonds to meet California’s priorities, based upon recommendations made by the State Treasurer. We can’t continue to shoot in the dark and expect to hit our target of a better tomorrow.”