Caltrain declares fiscal emergency
Caltrain declared a fiscal emergency yesterday to help the troubled transit agency balance its next budget without facing state-mandated review.
After the previous legislature's inaction in both addressing the state's $11.2 billion current year revenue shortfall and enacting economic stimulus in the last legislative special session, Governor Arnold Schwarzenegger today declared a fiscal emergency for the state of California, allowing him to call a Proposition 58 legislative special session to address this emergency.