Legislators frittered away the Rainy Day Fund long ago. Sure, it has a cash balance — according to the books, anyway. But that cash, amounting to roughly $10 billion, is offset by debt, amounting to roughly $50 billion.
Requiring the Comptroller's Office to update the state's revenue forecast every three months would be a tremendous improvement over the ancient method of predicting revenues at the start of each legislative session, baking a two-year budget around the numbers — and then not revising the forecast until after the governor has signed the budget and lawmakers have gone home.
The state's appraisal system is highly politicized and primarily benefiting well-connected insiders. Here's how to fix it.