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Keywords: BUSINESS; CONS; CORONAVIR; COS; CST; GEN; GOV; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; RET; US; WORLD EN BUSINESS CONS CORONAVIR COS CST GEN GOV INDUSTRIAL INDUSTRIES MARKETS NORTHAM RET US WORLD (Bloomberg) -- California Governor Gavin Newsom on Monday unveiled a $213 billion general fund budget for the next fiscal year, buttressed by a $45.7 billion surplus as the most populous U.S. state enjoys strong tax revenue in the lopsided recovery from the pandemic. BUSINESS, CONS, CORONAVIR, COS, CST, GEN, GOV, INDUSTRIAL, INDUSTRIES, MARKETS, NORTHAM, RET, US, WORLD. [Extracted from the article]

Mayor London Breed asked municipal departments Thursday to find ways to reduce costs by 5% in the next fiscal year and by 8% in the year after that as part of the budget process for the city, which has a $6.8 billion general fund. (Bloomberg) -- San Francisco is projecting a $728 million budget gap over the next two fiscal years as the technology hub reels from the economic hit of remote work and the depletion of one-time federal aid. [Extracted from the article]

(Bloomberg) -- California's finance department has been hit by a cybersecurity attack, and a notorious ransomware group is claiming responsibility. "While we cannot comment on specifics of the ongoing investigation, we can share that no state funds have been compromised, and the department of finance is continuing its work to prepare the governor's budget that will be released next month", California's cybersecurity center said in a statement. [Extracted from the article]

(Bloomberg) -- The California State Teachers' Retirement System sold more municipal debt for a new office building, with yields on some maturities lower than that on benchmark debt, despite the shift to remote work. "The additional debt and related debt service are quite modest in relation to Calstrs's capacity to repay", said Karen Ribble, senior director at Fitch Ratings, which grades the new bonds AA, the third-highest rank. [Extracted from the article]

In 2020, the board granted its company Brightline Holdings LLC all the financing it requested, about 15% of California's annual allotment of the bonds, while some affordable housing developers who rely on the same bonds were shut out. (Bloomberg) -- California may again reserve some of a limited financing resource for Fortress Investment Group's passenger train to Las Vegas next year, a venture that failed to win over investors in 2020. [Extracted from the article]

"Based on historical experience, should a recession occur soon, revenues could be $30 billion to $50 billion below our revenue outlook in the budget window." (Bloomberg) -- California is likely to see a $25 billion deficit in its next fiscal year because of slumping revenue, the state's nonpartisan budget adviser warned. [Extracted from the article]

(Bloomberg) -- California is likely to see a $25 billion deficit in its next fiscal year because of slumping revenue, the state's nonpartisan budget adviser warned. "Based on historical experience, should a recession occur soon, revenues could be $30 billion to $50 billion below our revenue outlook in the budget window.". [Extracted from the article]

"However, if office demand is permanently reduced by remote work, eventually the city will see sizable reductions in property tax revenue from offices", Egan said in the report. (Bloomberg) -- San Francisco could lose around $200 million by 2028 in property tax revenue because of offices emptied as people work from home, under the worst case scenario detailed in a report from the city's chief economist Ted Egan. [Extracted from the article]

(Bloomberg) -- California is likely to see a $25 billion deficit in its next fiscal year because of slumping revenue, the state's nonpartisan adviser warned. "Based on historical experience, should a recession occur soon, revenues could be $30 billion to $50 billion below our revenue outlook in the budget window.". [Extracted from the article]

(Bloomberg) -- A California measure that would levy an additional tax on millionaires to raise money for electric vehicles and wildfire prevention appeared headed for defeat, initial election results Tuesday night showed. The measure, backed by rideshare company Lyft Inc., would implement a 1.75% tax on income above $2 million to fund helping Californians fund electric vehicles, build charging stations and hire firefighters for wildfires. [Extracted from the article]

Speaking at an event at the Harvard Kennedy School, Summers said that markets, which once reflected expectations for the Fed's benchmark rate to climb to 3%, now see policy makers going above 4.3%. (Bloomberg) -- The Federal Reserve may have to eventually raise rates above 4.3% to control inflation, Former Treasury Secretary Lawrence Summers said Thursday. [Extracted from the article]

(Bloomberg) -- California collected 12% less in revenue than it expected in July, indicating that state coffers are taking a hit from a slowing economy and a cooldown in the once-booming technology industry. The state's nonpartisan legislative adviser warned earlier this month that California is likely to see revenue from its three major tax sources fall short of forecasts during the current fiscal year. [Extracted from the article]

(Bloomberg) -- California collected 12% less in revenue than it expected in July, adding to signs that years of surpluses are ending. California's revenue miss adds to signs around the country that governments' revenues may be curtailed by a decelerating economy. [Extracted from the article]

(Bloomberg) -- Brightline Holdings, the rail company backed by FortressInvestment Group, sold $770 million of unrated tax-free debt with heftypremiums for investors as it raises cash critical for the expansion ofits underperforming Florida system. The securities, subject to a mandatory put in October 2023, priced witha 7.25% coupon at 98 cents on the dollar, according to pricing wiresviewed by Bloomberg. [Extracted from the article]

The first-term Democrat, who easily beat back a recall attempt less than a year ago, is facing nominal opposition in his re-election bid from a rural Republican farmer in a liberal bastion that hasn't elected a GOP candidate to statewide office since 2006. "For Governor Newsom, this is a moment where Democrats need to be taking the fight to the GOP and calling them out for taking away Americans freedoms -- and that's exactly what he is doing", Click said in an emailed statement. [Extracted from the article]

Brightline's adding two more stations and working on commuter rail initiatives with Miami-Dade and Broward counties to increase ridership and revenue. (Bloomberg) -- Brightline Holdings, the rail company backed by Fortress Investment Group, got the go-ahead to sell up to $1 billion of tax-free debt to finance an expansion of its Florida system that's key to meeting its revenue targets. The board of the Florida Development Finance Corp., the municipal agency that gives private entities access to low-cost debt financing, in a split vote Monday cleared the way for Brightline to issue the bonds. [Extracted from the article]

(Bloomberg) -- California is likely to see revenue from its three major tax sources fall short of forecasts during the current fiscal year as a slowdown in the economy and the slumping stock market chip away at what had been surging tax collections. But the warning of a potential deficit from California adds to signs around the country that governments' revenues may slow along with the economy. [Extracted from the article]

(Bloomberg) -- California has a 70% chance of seeing collections from its three major taxes fall below the $210 billion budgeted for the year that began in July, according to the state's nonpartisan Legislative Analyst's Office. California has long been prone to booms and crippling deficits because of the sensitivity of its revenue to markets. [Extracted from the article]

(Bloomberg) -- California Governor Gavin Newsom is running full-page newspaper ads in Texas touting a new gun-limit law, the second time this month the Democrat has targeted residents of a conservative-led state. On Friday, Newsom was set to sign a bill allowing Californians to sue those making, selling, transporting or distributing illegal assault weapons and ghost guns, legislation modeled after a Texas law letting people sue abortion providers. [Extracted from the article]

On Friday, Newsom was set to sign a bill allowing Californians to sue those making, selling, transporting or distributing illegal assault weapons and ghost guns, legislation modeled after a Texas law letting people sue abortion providers. (Bloomberg) -- California Governor Gavin Newsom is running full-page newspaper ads in Texas touting a new gun-limit law, the second time this month the Democrat has targeted residents of a conservative-led state. [Extracted from the article]

(Bloomberg) -- Brightline Holdings, the Florida rail company backed by Fortress Investment Group, delayed its expected completion of an expansion to Orlando to next year and warned it may push it back further if it can't raise capital over the next few weeks. "If the company is unable to timely raise such additional financing, the company may decide to curtail or delay certain construction activities", Brightline said in its monthly construction update. "In the coming weeks, we plan to issue this debt, and/or raise other capital sufficient to fund completion of remaining project construction as well as additional reserves", the company said in its filing. [Extracted from the article]

(Bloomberg) -- New York City's estimated personalincome-tax payments in June declined to the lowest levelsince 2017, marking the first sign that the stock-markettumble is hitting the revenue of the financial capital,according to City Comptroller Brad Lander. Capital-gains realizations as a share of thestate's personal-income collections are the highest sinceshortly before the dot-com bust. [Extracted from the article]

(Bloomberg) -- California Governor Gavin Newsom will air television ads in Florida calling on the state's residents to join in the fight against Republican leaders who are imposing restrictions on freedoms, escalating his feud with conservative-led states. The first-term Democrat, running for re-election this year, has been trying to position himself and liberal-leaning California as foils against Republican governors of Florida and Texas who champion conservative policies such as restricting abortion access. [Extracted from the article]

Some other forms of state and local spending, like investments in infrastructure and ports, could cool inflation, Pugliese said, because they could help fix some of the supply-chain issues that are at the root of much of inflation today. (Bloomberg) -- States' efforts to provide inflation relief to US consumers with tax rebates may go over well with recipients -- yet they risk adding even more fuel to spending and making it tougher for Federal Reserve policy makers to cool inflation. [Extracted from the article]

(Bloomberg) -- California Governor Gavin Newsom and othertop officials vowed that the most-populous state will bean abortion sanctuary and will lead other liberal areasseeking to protect reproductive rights in the wake of theUS Supreme Court ruling dismantling Roe v. Wade. Newsom, aDemocrat up for re-election in the liberal bastion inNovember, signed a bill on Friday that would protectout-of-state abortion seekers from civil actions in theirhome states, as well as local providers. [Extracted from the article]

Keywords: 1736155D; ALLTOP; BON; BUSINESS; COS; INDUSTRIAL; INDUSTRIES; MARKETS; NORTHAM; TOP; TRN; US; WORLD; WWTOP; WWTOPAM EN 1736155D ALLTOP BON BUSINESS COS INDUSTRIAL INDUSTRIES MARKETS NORTHAM TOP TRN US WORLD WWTOP WWTOPAM Brightline Holdings, the rail company backed by Fortress Investment Group, is putting off testing bond investors' faith in its luxury Florida passenger train amid turmoil in the fixed-income markets. "They don't know if they have investors for these bonds at this time, and the current market conditions aren't favorable", said Nick Rocca, senior managing consultant at PFM Financial Advisors LLC, before the board voted unanimously to approve the request. [Extracted from the article]

While Newsom's budget expects collections from three major sources to dip in the year beginning in July, it projects revenue will climb 9.9% by the end of fiscal 2025. David Crane, an adviser to former Governor Arnold Schwarzenegger, criticized the budget for not showing decreased revenue projections given recent market moves, while taking into account the windfall from the current fiscal year. [Extracted from the article]

(Bloomberg) -- California Governor Gavin Newsom said Friday that his state has a record $97.5 billion operating surplus, as high tax rates on its wealthiest residents mean he has more cash to fund liberal priorities such as education and health care. Some of Newsom's proposals are "encouraging", said Senate President pro Tempore Toni Atkins and Senator Nancy Skinner, chair of the budget committee, in a joint statement. [Extracted from the article]

(Bloomberg) -- California Governor Gavin Newsom said Friday that the state has a record $97.5 billion operating surplus, with $49.2 billion that can be used for any purpose. The most-populous U.S. state is benefiting from soaring tax collections from its highest earners, thanks to a progressive tax system that rakes in more revenue when income rises for its wealthiest residents. [Extracted from the article]

In 2021, when Newsom was facing a conservative-led recall election, he touted a $100 billion economic recovery plan funded through federal stimulus dollars and a then-record state surplus of $38 billion. (Bloomberg) -- California Governor Gavin Newsom is in the enviable position of having what could be a $68 billion budget surplus to bolster the world's fifth-largest economy. [Extracted from the article]

(Bloomberg) -- California's top officials vowed to place a measure on the ballot as soon as November that would enshrine abortion rights in the state's constitution, following reports the Supreme Court signaled the overturning of Roe v. Wade. California legalized abortion in 1967, years before the Roe v. Wade decision. [Extracted from the article]

Of the 10 largest cities in California, Bakersfield had the largest percentage gain in population at 0.7%. (Bloomberg) -- California's population declined 0.3% last year, as births couldn't keep pace with an aging population, residents leaving for other locales, Covid-related deaths and restrictive federal policies on immigration. [Extracted from the article]