It's customary for California to borrow billions of dollars at the start of the fiscal year to fill its coffers until the usual flood of sales tax receipts comes in after Christmas and income tax receipts arrive in the spring.
"California is so large that our short cash-flow needs exceed the entire budget of some states," Schwarzenegger wrote.
The cash needs to be in the state's bank account by Oct. 28 to be available to fund a scheduled $3-billion payment to more than 1,000 school districts.
- ► 2009 (150)
- Education Industry Investment Forum is You
- Will the Real Education President Please Come Forw...
- Oregon's English-Only Law
- Economic Recovery Initiatives Not Enough: Analysts...
- Who Will Be the Next Secretary for Education?
- Students Worry about the Price of University Educa...
- Putting New Thinking on the Stand
- Panic is Never Good
- NYC Gifted Schools to Base Outside Manhattan Burou...
- Andy Ross, VP Global Services, Florida Virtual Sch...
- Jordan Goldman, Founder, Unigo.com Joins Forum
- Is America Giving Up On Education?
- Sequoia Capital Warns Businesses to Trim Expenses
- Will G7 Meeting Guarantee All Interbank Lending?
- New Forum for Education Industry Executives and In...
- Arthur Benjamin, CEO, ATI
- California Needs $7B Loan to Meet Schools Obligati...
- Citigroup Talks End, Wells Fargo to Buy Wachovia
- Bank Limits Credit Lines to Schools
- Allied Capital Covers Bankrupt Unit for US$150M
- ▼ October (21)