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BRIEF-S&P says stock market gains lift revenues in California’s revised 2018 budget plan
May 15, 2017 / 2:27 PM / 2 months ago

BRIEF-S&P says stock market gains lift revenues in California’s revised 2018 budget plan

1 Min Read

May 15 (Reuters) - S&P:

* S&P says stock market gains lift revenues in California’s revised budget plan for fiscal 2018

* Says "higher revenue forecast has shrunk" California's baseline projected budget deficit by 75 percent

* Says California's "combined budget reserves would increase to 8.2% in fiscal 2018 under the revised budget from 5.3% of expenditures in fiscal 2017"

* Says California's "revised budget proposal reduces the overall deficit closing measures to $2.0 billion from $3.2 billion"

* Beyond budget year, California's fiscal position begins to erode according to its multiple-year general fund forecast

* There is also "perennial risk" related to the structure of California's revenue base, which is prone to volatility

* California's financial operations are currently balanced though its outlook on this front remains somewhat precarious

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