California's 2014 economy: 5 things to watch
- Lauren Hepler
- Economic Development Reporter- Silicon Valley Business Journal
- Email | Twitter | LinkedIn | Google+
“We’re in reasonably good shape,” California Legislative Analyst Mac Taylor said Oct. 24 at Lighthouse Bank’s annual business and economic conference in Santa Cruz.
The statement of general
confidence from the state’s chief nonpartisan fiscal advisor comes after
Governor Jerry Brown earlier
this year won approval
of a state budget that holds promise to produce small surpluses in the
coming years. In addition to budgetary restraint, Taylor cited positives like an
improving economy and voter approval of Proposition 30, which now funds
education programs with temporary taxes for high-income residents.
Despite drastically decreasing the $15.7 billion budget deficit that
California faced during the 2012-2013 fiscal year, huge questions remain for the
state’s financial future, Taylor said.Unfunded liabilities for multiple state pension systems and nagging federal financial instability are two of his biggest concerns. The impact of the federal Affordable Care Act (aka Obamacare), continued state reliance on volatile income tax revenue and outstanding state debts should also be top of mind heading into 2014, Taylor added.
Still, at the event, Lighthouse Bank also demonstrated some local indication of an improving economy, reporting record third-quarter earnings. The bank, which was founded in Santa Cruz during 2007, posted a $653,000 profit — a 29 percent year-over-year increase that bumped shareholder equity to a total $22.3 million.
Lauren Hepler covers economic development, sports, and hospitality for the Silicon Valley Business Journal. She can be reached at 408.299.1820
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