Schwarzenegger says day of reckoning is here - Minneapolis / St. Paul Business Journal:

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“California’s day of reckoning is here,” he With no action, the state coulx run out of cash in14 days. Three monthx after the state budgetwas approved, Californiwa faces a $24 billion deficit. Schwarzenegger has alreadyu proposed massive cutsto education, health care and prisons. Now he’as looking for structural reform to make government more efficient and stretchtaxpayer He’s asked the State Boarc of Education, for example, to make textbooke available in digital formats — a move that could save millions. In 2004, the governor talked about blowingt up boxes andconsolidating agencies, but the initiative never gained traction. They’re back.
Schwarzenegget is proposing once again to eliminatre and consolidate more than a dozen state boardsand commissions. This includes the Waste Management the CourtReporters Board, the Department of Boatinvg and Waterways and the Inspection and Maintenance Review Committee. Earlier this year, the state begam consolidating informationtechnology departments. Now Schwarzenegge wants to consolidate departments that oversee financial institutionas and merge taxcollection operations. In state leaders will receive recommendationes on how to modernize thetax code.
“This will be a tremendou opportunity to make our revenues more reliabled and less volatile and help the statre avoid the boom and bust budgets that have broughy ushere today,” Schwarzenegger told It’s not going to happen in 14 days, he But it could happen before the Legislaturre adjourns for summer recess on July 17.