
Waste Watch – Still Surplus After All These Years
Back in May 2004, Gov. Arnold Schwarzenegger ordered state agencies to expedite the sale of an estimated $5 billion in surplus state properties. It was an ambitious plan designed to help the state raise money it badly needed.
That November, voters backed the governor with Proposition 60A, directing proceeds from the sale of those properties be used to pay down deficit bonds. Now, four years later, the state has yet to sell off most of the targeted surplus properties, according to the Los Angeles Daily News (April 8th).
The state Finance Department indicates that the state sold off no surplus property in the 2004. And while property sales climbed to $12.9 million in 2005-06, they fell to just $1.4 million in 2006-07.
Beth Mills, spokeswoman for the Department of General Services that handles surplus state land sales, said that during the current 2007-08 fiscal year, the state is expecting to take in $31.7 million from two sales. “‘About $21 million is a payment the state is receiving from the sale of… Read More