10/26/2023 0 Comments Triple flip alto's adventureIn particular, it reduced by one-quarter cent the Bradley-Burns sales tax, which cities and counties use for general and transportation purposes, and replaced it with a one-quarter cent state special fund sales tax for repayment of the bonds. To repay the ERBs, the state pledged one-quarter cent of the local Bradley-Burns sales tax. Proceeds from these bonds were used to address the state’s budget shortfall. $11.3 billion of these bonds were issued in 2004 and an addition $3.3 were issued in 2008. BackgroundĮconomic Recovery Bon ds and the Triple Flip. In 2004, voters approved Proposition 57, which authorized the state to issue up to $15 billion in deficit financing bonds (also known as economic recovery bonds, or ERBs). With the upcoming end of the "triple flip," a complex, decade-old mechanism affecting state and local finances in California, we have received inquiries seeking a basic understanding of what the triple flip is and how its end will work exactly.
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