Two-Year Ban on Metal Bats in High School Baseball Advances

Legislation to place a two-year moratorium on the use of metal bats in high school baseball was approved May 5 by the Senate Education Committee.

The measure, AB 7 by Assemblyman Jared Huffman, a San Rafael Democrat, was sparked by 16-year-old Gunnar Sandberg, who was hit in the head by a line drive off a metal bat while pitching for Marin Catholic High School in Huffman’s district.    Read more »

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Warren Buffett and Charles Munger on California’s Prospects

Asked at a May 2, 2010 press conference the day following the Berkshire Hathaway shareholders meeting in Omaha Nebraska, Warren Buffett and his business partner, California resident Charles Munger, were asked a question about the Golden State.

The thrust of the question centered on however California goes, so goes the nation.    Read more »

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Warren Buffett Defends Goldman Sachs at Annual Meeting

At the May 1 Berkshire Hathaway shareholders meeting in Omaha, Nebraska, not unsurprisingly, the first question of Berkshire’s CEO, Warren Buffett, focused on the Securities and Exchange Commission fraud lawsuit against investment banking giant Goldman Sachs of which Berkshire owns $5 billion in preferred stock.

Among Buffett’s comments:

“Our experience with Goldman goes back 44 years.    Read more »

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April’s Over: State Falls $3.3 Billion Short on Tax Collections

The final tally for April income tax collections reported by the Franchise Tax Board is just over $7.6 billion — roughly $2.9 billion short of the $10.5 billion Gov. Arnold Schwarzenegger expected in his January budget proposal.

Bank and corporations taxes, predicted to total $1.9 billion for the month, were $1.5 billion, worsening the state’s budget hole by another $400 million.    Read more »

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April Revenue Target Missed — Budget Hole $3 Billion Worse

Making it almost certain the state won’t reach its April revenue projections, net income tax collections for April 29, after subtracting refunds, was $184 million.

The Employment Development Department reported receiving $58 million in quarterly withholding payments.

With one day left in the month, income tax collections are nearly $7.4 billion — still  $3.1 billion short of the $10.5 billion estimated in the budget proposed by Gov.    Read more »

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Grim News: Revenue Is Likely $2.5 Billion Below Estimates

After subtracting refunds, income tax collections for April 28 were a net $389 million.

The Employment Development Department reported receiving $84 million in quarterly withholding payments.

The budget proposed by Gov. Arnold Schwarzenegger in January predicted income tax collections of $10.5 billion for April.

With two days left in the month, income tax collections total $7.1 billion — almost $3.4 billion off the target.    Read more »

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Governor Schwarzenegger Comments on TechAmerica Survey

“News that California is the nation’s leader in high-tech jobs and wages comes as no surprise because our state’s tech-friendly policies and world class workforce create an environment ripe for high-tech success.

“But we must not stand still.

“We must work to ensure California remains Number One and that means continued investment in education because the high tech industry requires a well-educated workforce.    Read more »

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California Still Holds Multiple High Tech Firsts But Faces Stiffer Competition From Other States, National Survey Finds

California continues to lead the nation in high tech employment, wages, payroll and number of businesses, according to Cyberstates 2010, an annual national analysis of the high tech industry by the TechAmerica Foundation.

In 2008, the most recent year in which state-by-state information is available, the Golden State led the nation in number of high tech workers – 993,300 out the state’s estimated 15.9 million workforce – and the size of its high tech payroll, nearly $105 billion.    Read more »

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Reaching April Revenue Target Getting Less and Less Likely

After subtracting refunds, income tax collections for April 27 were a net $521 million.

The Employment Development Department reported receiving $100 million in quarterly withholding payments.

The budget proposed by Gov. Arnold Schwarzenegger in January predicted income tax collections of $10.5 billion for April.

With three days left in the month, income tax collections total $6.6 billion — almost $4 billion off the target.    Read more »

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Dramatic Uptick Needed for Tax Collections To Hit Estimates

Income tax collections improved Monday April 26 over Friday April 23rd’s totals, reaching nearly $540 million, the Franchise Tax Board reported.

But that may not be good enough for the state to reach its April revenue targets.

Half of the money in California’s cash-starved general fund comes from income taxes, 17 percent of that total is received in April.    Read more »

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