California's state budget surplus was caused by administrative miscalculations in the budget proposal.

California has more money than projected after admin miscalculated state budget https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376 #HackerNews #California #Budget #Surplus #State #Finance #Newsom #Administration #Miscalculation

California has more money than projected after admin miscalculated state budget Link: https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376 Comments: https://news.ycombinator.com/item?id=47854125

California has more money than projected after admin miscalculated state budget Link: https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376 Discussion: https://news.ycombinator.com/item?id=47854125

California has more money than projected after admin miscalculated state budget - https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376 #hackernews

California has more money than projected after admin miscalculated state budget ---- - 51 minutes ago | 13 points | 0 comments - URL: https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376 - Discussions: https://news.ycombinator.com/item?id=47854125 - Summary: California Governor Gavin Newsom's administration made $2 billion in accounting errors regarding the state retirement system (CalPERS) when preparing the January budget proposal, according to a leaked memo. The mistakes, identified by the Legislative Analyst's Office (LAO) in February but not publicly disclosed until recently, included double-counting $1.6 billion in contribution rates and using incorrect rates for future calculations ($450 million). The errors mean California's projected $2.9 billion budget shortfall is significantly smaller than initially estimated. While Republican lawmakers criticized the administration for lack of transparency, Democratic leaders defended the non-disclosure as standard practice. Newsom's Department of Finance denied it was a calculation error, calling it a "revision" to estimation methods that will be corrected in the upcoming May budget revision.

California has more money than projected after admin miscalculated state budget https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376 https://news.ycombinator.com/item?id=47854125

California has more money than projected after admin miscalculated state budget https://www.kcra.com/article/california-more-money-than-projected-newsom-miscalculated-budget/71056376