Word leaked out yesterday from the Governor’s office that the state’s longest budget impasse in history may be drawing to a close. “The governor and the leaders have reached a framework of an agreement. We will continue to work through the details over the weekend and hope to come to a final agreement Monday when they reconvene,” said Schwarzenegger spokesman Aaron McLear.
Although the lack of a budget has drawn less than a public uproar, it has had a significant impact on the commercial real estate industry. Many building owners that lease to state entities have not been paid for two or three months; and many contractors that service the buildings are expected to continue to work, even though invoices are not being attended to.
We hope this “framework” is indeed a path to a quick close on this budget. And we hope that the budget they adopt will honestly account for income and spending.
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