CDCAN Advocacy Without Borders :: One Community

Governor's Finance Director Mike Genest To Step Down

SACRAMENTO, CALIF (CDCAN) [Updated 11/02/09  12:25 PM  (Pacific Time)  - Governor Arnold Schwarzenegger's Department of Finance director Mike Genest wrote in an email sent to department staff that he would be stepping down from his post, reportedly by the end of this year.  There is no official comment yet from the Governor's office regarding Genest's announcement or any possible replacement.  The Governor has just over a year left remaining in his term in office.

Part of Genest's email to Department of Finance staff said that "...the state we serve has gone through some difficult times lately. As we continue to sort out our fiscal situation, this department will be instrumental in leading the state through the challenges that remain ahead..."

The Governor's Department of Finance has major responsibility in shaping the Governor's proposed budget and budget revisions each year - and also in compiling the revenue estimates and spending figures that are critical projecting budget shortfalls, especially in the coming 2010-2011 State budget year.  Genest has been particularly influential in shaping those budget proposals - and also representing the Governor at key budget hearings.

The Governor is required by the State Constitution to present a balanced budget to the Legislature for consideration by January 10th each year.  Most observers agree that the State's budget situation has not improved and that the State will be facing a budget shortfall then of at least $7 to $10 billion or more after continued budget deficits since 2001.