By Dan Walters From page A11 | May 13, 2015 |
Every state budget cycle has its own narrative, but this year’s version is in a class by itself.
An expanding state economy and a temporary sales and income tax increase are flooding the state treasury with money, at least $4-plus billion more than the current budget assumes, and maybe even $5-plus billion.
Through April – the big month for personal income taxes – extra revenue topped $3 billion, and another larger-than-anticipated surge is expected in June, when quarterly income tax payments are due.
There’s so much money that how to spend it is becoming a political problem.