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California Proposition 58 (2004)
Proposition 58 was a California ballot proposition on the March 2, 2004 ballot. It passed with 4,535,084 (71.2%) votes in favor and 1,841,138 (28.8%) against. It was officially called the California Balanced Budget Act. It requires the state legislature to pass a balanced budget every year, which means that budgeted recurrent expenditure, including repayment of past debt, does not exceed estimated revenue. The act does not require that capital works programs be funded out of current revenues. The California Constitution has always allowed bond issues (state debt) for specified capital works, above a certain value. Bond measures must be approved by a statewide ballot. The Act created a reserve fund called the Budget Stabilization Account in case of future financial trouble. It also prevented the creation of any future bonds to pay off deficits like that in Proposition 57 (the California Economic Recovery Bond Act). Proposition 58 took effect only because Proposition 57 also passe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Ballot Proposition
In California, a ballot proposition is a referendum or an initiative measure that is submitted to the electorate for a direct decision or direct vote (or plebiscite). If passed, it can alter one or more of the articles of the Constitution of California, one or more of the 29 California Codes, or another law in the California Statutes by clarifying current or adding statute(s) or removing current statute(s). Measures can be placed on the ballot either by the California State Legislature or via a petition signed by registered voters. The state legislature can place a state constitutional amendment or a proposed law change on the ballot as a referendum to be approved by voters. Under the state constitution, certain proposed changes to state laws may require mandatory referendums, and must be approved by voters before they can take effect. A measure placed on the ballot via petition can either be a vote to veto a law that has been adopted by the legislature (an optional referendum or ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Legislature (United States)
A state legislature in the United States is the legislative body of any of the 50 U.S. states. The formal name varies from state to state. In 27 states, the legislature is simply called the ''Legislature'' or the ''State Legislature'', while in 19 states the legislature is called the ''General Assembly''. In Massachusetts and New Hampshire, the legislature is called the ''General Court'', while North Dakota and Oregon designate the legislature the ''Legislative Assembly''. Composition Every state except Nebraska has a bicameral legislature, meaning that the legislature consists of two separate legislative chambers or houses. In each case the smaller chamber is called the Senate and is usually referred to as the upper house. This chamber typically, but not always, has the exclusive power to confirm appointments made by the governor and to try articles of impeachment. (In a few states, a separate Executive Council, composed of members elected from large districts, performs th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balanced Budget
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. A ''cyclically'' balanced budget is a budget that is not necessarily balanced year-to-year, but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time. Balanced budgets and the associated topic of budget deficits are a contentious point within academic economics and within politics. Some economists argue that moving from a budget deficit to a balanced budget decreases interest rates, increases investment, shrinks trade deficits and helps the economy grow faster in the longer term. Other economists, especially those associated with Modern Monetary Theory (MMT), downplay the need for balanced budgets among c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt
Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The debt may be owed by sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt. In financial accounting, debt is a type of financial transaction, as distinct from equity. The term can also be used metaphorically to cover moral obligations and other interactions not based on a monetary value. For example, in Western cultures, a person who has been helped by a second person is sometimes said to owe a "debt of gratitude" to the second person. Etymology The English term "debt" was first used in the late 13th century. The term "debt" comes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revenue
In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenue from interest, royalties, or other fees A fee is the price one pays as remuneration for rights or services. Fees usually allow for overhead (business), overhead, wages, costs, and Profit (accounting), markup. Traditionally, professionals in the United Kingdom (and previously the Repu .... This definition is based on International Accounting Standard, IAS 18. "Revenue" may refer to income in general, or it may refer to the amount, in a monetary unit, earned during a period of time, as in "Last year, Company X had revenue of $42 million". Profit (accounting), Profits or net income generally imply total revenue minus total expenses in a given period. In accountancy, accounting, in the balance statement, revenue is a subsection of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Constitution
The Constitution of California ( es, Constitución de California) is the primary organizing law for the U.S. state of California, describing the duties, powers, structures and functions of the government of California. California's original constitution was drafted in both English and Spanish by American pioneers, European settlers, and Californios (Hispanics of California) and adopted at the 1849 Constitutional Convention of Monterey, following the American Conquest of California and the Mexican-American War and in advance of California's Admission to the Union in 1850. The constitution was amended and ratified on 7 May 1879, following the Sacramento Convention of 1878-79. The Constitution of California is one of the longest collections of laws in the world, partially due to provisions enacted during the Progressive Era limiting powers of elected officials, but largely due to additions by California ballot proposition and voter initiatives, which take form as constitutional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond (finance)
In finance, a bond is a type of security under which the issuer ( debtor) owes the holder ( creditor) a debt, and is obliged – depending on the terms – to repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
California Proposition 57 (2004)
Proposition 57 (officially, the Economic Recovery Bond Act) was a California ballot proposition on the March 2, 2004 primary election ballot. It was passed with 4,056,313 (63.4%) votes in favor and 2,348,910 (36.6%) against. The proposition authorized the state to sell $15 billion in long-term bonds to pay off accumulated deficits. Proposition 57 went into effect only because Proposition 58 (the California Balanced Budget Act) also passed. Propositions 57 and 58 were the centerpiece of Governor Arnold Schwarzenegger's plan to resolve California's budget problems. Schwarzenegger campaigned heavily for the passage of Propositions 57 and 58. California State Senator Tom McClintock, Schwarzenegger's fellow Republican Republican can refer to: Political ideology * An advocate of a republic, a type of government that is not a monarchy or dictatorship, and is usually associated with the rule of law. ** Republicanism, the ideology in support of republics or agains ... and rival in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Governor Of California
The governor of California is the head of government of the U.S. state of California. The governor is the commander-in-chief of the California National Guard and the California State Guard. Established in the Constitution of California, the governor's responsibilities also include making the annual State of the State address to the California State Legislature, submitting the budget, and ensuring that state laws are enforced. The position was created in 1849, the year before California became a state. The current governor of California is Democrat Gavin Newsom, who was inaugurated on January 7, 2019. Gubernatorial elections, oath, and term of office Qualifications A candidate for governor must be a U.S. citizen and a registered voter within the state, must not have been convicted of a felony involving bribery, embezzlement, or extortion, and must not have served two terms since November 6, 1990. Election and oath of Governor Governors are elected by popular ballot and se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arnold Schwarzenegger
Arnold Alois Schwarzenegger (born July 30, 1947) is an Austrian and American actor, film producer, businessman, retired professional bodybuilder and politician who served as the 38th governor of California between 2003 and 2011. ''Time'' magazine named Schwarzenegger one of the 100 most influential people in the world in 2004 and 2007. Schwarzenegger began lifting weights at the age of 15 and went on to win the Mr. Universe title at age 20 and subsequently won the Mr. Olympia title seven times. He is widely regarded as one of the greatest bodybuilders of all time, and has written many books and articles about bodybuilding. The Arnold Sports Festival, considered the second-most important bodybuilding event after Mr. Olympia, is named after him. He appeared in the bodybuilding documentary ''Pumping Iron'' (1977). Schwarzenegger retired from bodybuilding and gained worldwide fame as a Hollywood action star, with his breakthrough in the sword and sorcery epic ''Conan the B ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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