By John Fensterwald
From gloom to boom, how quickly things change. A resurgent economy and recalculations of revenue from the past two years will leave the state budget with a multi-billion-dollar surplus next year and K-12 schools and community colleges with unexpected billions more to spend, according to a projection that the Legislative Analyst’s Office released on Wednesday.
“The state’s budgetary condition is stronger than at any time in the past decade,” the LAO concluded in its 2014-15 Fiscal Outlook. “The state’s structural deficit – in which ongoing spending commitments were greater than projected revenues – is no more.”