Happy New Fiscal Year! To no surprise of anyone, the state once again failed to pass the budget revision before today, the beginning of the 2009/2010 fiscal year. That means 28,742 payments, many of them tax refunds, totalling $53.3 million will be sent out tomorrow as IOUs, costing the state $3.4 billion over the next 30 years due to higher interest rates. more ›

University of California students waiting for their Cal Grants to come through will find their next payments are coming from another source--the UC schools. The UC announced today they "will provide funding to cover the value of UC students' Cal Grant awards for the spring term," using "resources from its short-term financial reserves," according to a UC news release. They're advancing the funds "with the expectation that the California Student Aid Commission (CSAC) will disburse Cal Grant funds to campuses once the state adopts a final budget." Sadly, that budget remains in limbo; this month many programs and residents will be receiving IOU's instead of checks. The UC system also issued temporary funding to their students last fall when the budget caused delays in Cal Grant payments. more ›