Good news for the Big Sur State Park?

This press release issued this afternoon by the State Controller’s Office certainly makes it look like the money to finish the bridges in the State Park has been freed up.

SACRAMENTO – State Controller John Chiang today announced new cash figures show the State is currently positioned to finish out the fiscal year without having to borrow an additional $1.5 billion from Wall Street.

In a letter to State Treasurer Bill Lockyer, Chiang noted that Lockyer’s ability to secure a $500 million note from Golden 1 Credit Union, the Legislature’s passage of a bill last week providing $1.57 billion in federal stimulus funds in April, and higher-than-projected funds available for internal borrowing will allow the State to meet all of its payment obligations through June 30, 2009.

“Averting the need for additional borrowing in a still-tight market is great news and will save Californians about $15.4 million in high interest rates,” Chiang said. “With sufficient cash on hand, we will be able to meet all of our obligations in full and on time, including tax refunds to California taxpayers and payments to private businesses and local programs that provide needed services to our most vulnerable residents.”

After enactment of the latest budget bill in late February, the Controller had projected the State would dip to a low of -$636 million in April. However, because of additional revenue erosion and increased expenditures in March, the low point in April fell to -$1.9 billion. But three factors changed those cash flow projections, which now show a low point on April 1, when the State will have $1.1 billion in the Treasury:

• A bill signed Friday to change Medi-Cal reporting requirements will provide about $1.57 billion in federal stimulus funds in April;

• Special funds used for internal borrowing grew by $1.35 billion, largely because they were not tapped when the State stopped funding infrastructure projects during the cash crisis, and;

• The Treasurer was able to secure a $500 million short-term loan from Golden 1.

*Poppies, close-up

*Poppies, close-up, originally uploaded by wind_dancer.

This is dedicated to long-time Big Sur local, Paul Vieregge, who passed over yesterday at home at the age of 87. Blessings to you, Paul, from the beloved hills of home. My heart goes out to Penny and Josh.