IRVINE, CA--(Marketwire - September 16, 2008) - The Orange County Business Council (OCBC) concurs with Governor Schwarzenegger that the legislature's proposed budget is absent the reforms needed to safeguard California's economic future.
Four months of negotiations have resulted in a budget proposal that satisfies competing principles of "no new taxes" and minimal service cuts. Still, the business community supports Governor Schwarzenegger's contention that the legislature's work is incomplete without structural budget reform. California will continue to face annual fiscal crises unless long term solutions are implemented to its fiscal practices.
In addition to the compromise on taxes and service cuts already in place, the legislature should use this opportunity to add:
-- A secure Rainy Day Fund to ensure savings when times are good and to
authorize mid-year adjustments when revenues fall below projections.
-- Statutory authority to develop public-private partnerships to expedite
infrastructure projects across the state.
-- Targeted tax credits to retain jobs and encourage job expansion in
California.
-- Flexibility in overtime laws to allow employers and employees to agree
on mutually acceptable and flexible work schedules, including flexibility
for meal and rest break periods.
-- Expedited allocation and disbursement of existing transportation,
housing and water bond funds to stimulate economic growth and job creation.
OCBC stands with the Governor in his commitment to budget solutions that grow this state's economy, enhance infrastructure and promote investment in the nation's largest economy.
Contact Information: CONTACT: Robb Korinke Director of Communications 949.794.7225