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 $500 million short-term loan from Golden 1.
3 thoughts on “Good news for the Big Sur State Park?”
I also heard the news today about the State funds to be released for “shovel ready” projects. Pres. Obama himself stressed that the big priority for these funds was “jobs, jobs, jobs”. This should not be forgotten in the bureaucratic mill, as such often does. With that fact, I am not going to hold my breath. But there is another thought in my mind. The other day, before the news, I was driving across the highway’s bridge. The State Park bridge parts for access from the Lodge area to the campgrounds are sitting there right next to the river. The memory of the lost bridge across the Carmel River during the El Nino floods…and how fast a military Bailey Bridge was put up to reconnect the highway made me think…if the State won’t fund a new bridge, how about reconnect the old one temporarily. If there are no paid contractors, what if a bunch of Big Sur folk (with the right equipment)go in there and assemble it? maybe I’m just daydreaming, but in Big Sur, there are folk who think (and do) outside the box, under the most extreme conditions….like the Ross Curtis’s, who save homes single-handedly during an inferno, when the official firefighters are removed from the scene. So, I throw this idea out for anybody to consider. Maybe? Oh, another idea that may be even simpler…to the north of the brigge is a gate, that if I remember correctly goes to the road that leads to campsites. If I’m correct, why not open the @X$%# gate and start an access to the campground. Or even bulldoze a temporary access road to the campsites. As already said, the costs are small and the returns to the Big Sur economy are huge. Obama, I think would agree!? Maybe we should suggest such ideas to the State Park system officials, or our representatives? I’m just airing some personal thoughts. Maybe it is impractical, or I’m just crazy, but…
Well, you may be crazy, David, but not over this. All these proposals were already made at the Big Sur Multi-Agency Advisory Council Meeting on 3/20, and were being instituted — Farr, the Bailey Bridge, and Butch Kronlund, the local equipment and labor.
I heard similar to what David did. The funds from the state for reparing/replacing the Sur bridges will in fact create or keep jobs, but will the bridges be done in time for the tourist season this year or next year or perhaps even 3 years away? I’m worried about my friends businesses that are already hanging from a thread because of last years fires. Do either of you remember when the Carmel/Carmel Valley HWY1 bridge was closed so the state set up an old style temporary military bridge? It wasn’t pretty, but it worked. Why won’t the state use a couple of those for now to keep the Sur alive for this summer? Sorry for ranting yet again. Also Kate, loving your new header picture on your blog. The colors in it are awesome.