State IOUs to End September 4
By Paul McIntosh, Executive Director
pmcintosh@counties.org
Three weeks from today, on September 4, State Controller John Chiang will stop issuing registered warrants (IOUs) and redeem those the state has been issuing to counties, taxpayers, vendors, and others since July 2.
The IOUs’ maturity date is October 2, meaning the state will be redeeming them nearly a month before they were planning to. State Treasurer Bill Lockyer’s office reports that, with a 3.75% interest rate, the new payoff date will result in $6.67 of interest per thousand dollars. Over the past six weeks, the controller has issued 327,000 IOUs totaling $1.95 billion; that translates into approximately $13 million in interest costs.
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Administration of Justice
Upon the Legislature’s return on August 17, discussions are set to resume on how to direct the California Department of Corrections and Rehabilitation (CDCR) to absorb a $1.2 billion unallocated reduction.
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Agriculture and Natural Resources
AB 64, by Assembly Member Paul Krekorian, will be heard in the Senate Appropriations Committee on August 17.
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Employee Relations
On July 8, the California Supreme Court denied a petition by the Sonoma County Law Enforcement Association for review in County of Sonoma v. Superior Court (2009) 174 Cal.App. 4th 322.
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Government Finance and Operations
SB 10, by Senator Mark Leno, would allow counties to put a measure before their voters to impose an assessment on vehicles owned by county residents.
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Health and Human Services
The California Managed Risk Medical Insurance Board (MRMIB), which oversees the state’s Healthy Families Program (HFP), adopted a motion on August 13 to begin disenrolling participants beginning October 1.
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Housing, Land Use and Transportation
As many already know, budget and budget trailer bill language associated with the Highway User Tax Account (HUTA) deferral (not take) and Proposition 1B local streets and roads appropriation adopted by the Legislature in the recent revisions to the Fiscal Year (FY) 2009-10 State Budget have presented some problems.
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