A STATE OF CALIFORNIA REVENUES AND EXPENDITURES (25 Points) 1. (17 points) SUMMARIZE the major State of California GENERAL FUND revenues and expenditures, including approximate percentages of the total revenues and expenditures point for category point for % (3) What is it about California's tax revenue that causes such huge deficits in some years and surpluses in others? b. (2) How does the Rainy Day Fund sock to ease this problem? 2. (8 points) How does the State of California allocate the 1% property tax among the various government recipients le State General Fund schools, local governments and others) and 7% State sales tax revenues among these jurisdictions? Provide approximate percentages for the major recipients. For property taxes, you can use SD County #s or the State averages Property taxes (3) Sales taxes (3): A STATE OF CALIFORNIA REVENUES AND EXPENDITURES (25 Points) 1. (17 points) SUMMARIZE the major State of California GENERAL FUND revenues and expenditures, including approximate percentages of the total revenues and expenditures point for category point for % (3) What is it about California's tax revenue that causes such huge deficits in some years and surpluses in others? b. (2) How does the Rainy Day Fund sock to ease this problem? 2. (8 points) How does the State of California allocate the 1% property tax among the various government recipients le State General Fund schools, local governments and others) and 7% State sales tax revenues among these jurisdictions? Provide approximate percentages for the major recipients. For property taxes, you can use SD County #s or the State averages Property taxes (3) Sales taxes (3)