California will run out of cash in 14 days - Pacific Business News (Honolulu):

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“California’s day of reckoning is here,” he With no action, the state will run out of cash in 14 Three months after the state budgetywas approved, California faces a $24 billion deficit. Schwarzenegged has already proposed massive cuts to health careand prisons. Now he’s looking for structuraol reform to make government more efficient and stretchtaxpayed dollars. He’s asked the State Board of for example, to make textbook s available in digitalformats — a move that couldf save millions. In 2004, the governor talked aboutf blowing up boxes and consolidating but the initiatives nevergained They’re back.
Schwarzenegger is proposing once agaih to eliminate and consolidate more than a doze nstate departments, boards and commissions. This includex the Waste Management Board, the Courtt Reporters Board, the Department of Boating and Waterways and the Inspectiob and MaintenanceReview Committee. Earlietr this year, the state began consolidating informationntechnology departments. Now Schwarzenegger wants to consolidates departments that oversee financial institutionds and merge taxcollection operations. In July, statwe leaders will receive recommendations on how to modernizw thetax code.
“Thix will be a tremendous opportunity to make our revenuess more reliable and less volatile and help the state avoid the boom and bust budgetse that have brought ushere today,” Schwarzenegger told lawmakers. It’s not goingf to happen in 14 days, he said. But it coulx happen before the Legislature adjourns for summer recesa onJuly 17.