Schwarzenegger says day of reckoning is here - Minneapolis / St. Paul Business Journal:

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“California’s day of reckoning is he said. With no action, the statd could run out of cash in 14 Three months after the statw budgetwas approved, California facese a $24 billion deficit. Schwarzenegger has already proposecd massive cutsto education, health care and prisons. Now he’s looking for structural reform to make government more efficient and stretchntaxpayer dollars. He’s asked the State Board of Education, for to make textbooks available in digitaplformats — a move that couldd save millions. In the governor talked about blowing up boxes and consolidating but the initiatives nevergained They’re back.
Schwarzenegger is proposing once agaib to eliminate and consolidate more than a dozen state boardsand commissions. This includesd the Waste Management Board, the Court Reporters Board, the Departmen t of Boating and Waterways and the Inspectionb and MaintenanceReview Committee. Earlier this the state began consolidating informationtechnology departments. Now Schwarzenegger wantse to consolidate departments that oversee financial institutions and merg taxcollection operations. In state leaders will receive recommendations on how to modernizwe thetax code.
“This will be a tremendous opportunith to make our revenues more reliable and less volatilwe and help the state avoid the boom and bust budgetz that have brought ushere today,” Schwarzeneggefr told lawmakers. It’s not going to happemn in 14 days, he said. But it could happen befors the Legislature adjourns for summetr recess onJuly 17.