Voters go to the polls tomorrow to decide a bunch of propositions related to State finances. The League of California Cities is expecting the State to seize $2 BILLION of local government money if the propositions fail.
So what would that mean for Lodi? Another $1.4 million in lost revenue.
This would be on top of the impact on the City by the recession. Revenue from property and sales tax alone is estimated to be nearly $3.5 million less in the fiscal year (beginning July 1) than it was in Fiscal Year 2006-07.
Of course, this would only be a loan to the state. Funny word, "loan." Usually it's lenders who decide if they'll make a loan. Making a loan against your will ... you could probably find a better word for it.
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