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- i , . .. ~ .. ~ <br />/ C a t tr r e a ~~'',, <br />tha~ a cer~ain percenca6~c of [he ccate's <br />budgec be sp~nt on educ.~ation. Alsv, as rhe <br />sra~e bccomes more invol~cd in ~he fund- <br />ing of cducacion, ic may find the necd co <br />increaso the rnvnitoring oE school dis- <br />tric~s. While ~h~ 5~1[e insicrs it has no <br />DLans ~o increasc moni~~ring or rep~rting <br />rcquiremcnts fo~ schools, nc~ sra~e ma~• <br />find irself forced co take a scrc>nger r~l~ if <br />school distnca ~ranc wage raises ou~ of <br />linc wich sracr funding inueascs. <br />Conclusion <br />O~erall, che effeets of M~asure SO are srilJ <br />cvol~ ing. lf growth continues a~ a feirly <br />rapid rarc, the efkcn are likcly ro be rcla- <br />tivel}~ mild for mosr local govcrnmencs in <br />the near to medium ~erm. Thc real res~ of <br />the effccts of Measure ~0 is likely ~a come <br />in a rececsion whzn sr.itc revonucs are <br />doti-n, growth in school spend~nG is ~hrcat- <br />cncd, and propercy values arr adjusced <br />dowm~~ard ro reflec~ dcclines in value. <br />This is essenoally ihe sccnario Californ~a <br />i.iccd in us ~arly- ~o mid-1990s rcccssion <br />a. the Finan iil performanc~ of many lo- <br />cal govern onrs was srrained. S~andard <br />& Noor's wi I continue ro monicor che rc- <br />~ponse of l0 1 governmcna ~o Messurc <br />50 and the ~hcr tax -imitation measurec <br />in ~hc stace. s long as govcrnmcnts dem• <br />on~crate rhe biliry ro balance onqoing <br />budgcrs wit in nc~ ncw J;mics presented <br />by Mcasure 0, largc-scalc ra~ing adjust- <br />ments s~c no~t likely to occur. ~ <br />~~andu~d ~ Poor's CreditWcr,~ ~ " <br />Municipel ~ r1u,4usr 17, 199A <br />TOTAL PAGE.03 ** <br />