On Tuesday, the Senate Natural Resources and Water Committee and the Assembly Water, Parks and Wildlife Committee will hold a joint hearing on the 2009 Proposed Delta and Water Bills. For more information on the bills, visit the Assembly Water, Parks and Wildlife Committee’s Web site.
Last week, State Controller John Chiang released new state cash numbers that take into account July’s revenues. For a full run-down on the state’s finances, read the financial statement here and the summary analysis here.
Finally, Controller Chiang announced the end to IOUs. The state will stop paying bills with IOUs on September 4 and will redeem outstanding notes on the same day. This means that vendors, counties, and tax filers with refunds can expect to be reimbursed, with interest, before Labor Day weekend. These notes hold a 3.75 percent tax-free annualized interest rate, which works out to about $6.67 in interest for every $1,000 in IOU value, according to a calculation formula provided by the State Treasurer’s Office.
In case you missed it last week, check out CSDA’s Frequently Asked Questions regarding the Prop 1A suspension and loan securitization program here.