Employee update from the Chancellor's Office: CSU employees will receive paychecks
Note: the following e-mail was sent on 6/26/09 to all faculty and staff.
Dear faculty and staff:
The Chancellor's Office has asked that we share this update on payroll with you.
-- Robert A. Corrigan, president
State May Have to Issue IOUs; CSU Employees Will Receive Paychecks
State Controller John Chiang has announced that he will have to issue registered warrants or "IOUs" as early as July 2 if the legislature and governor cannot find a solution to close the $24.3 billion state budget gap. Chiang said the state will have a $2.8 billion cash shortage at the start of the fiscal year July 1 which could grow to $6.5 billion in September in the absence of a balanced budget. More information: http://www.sco.ca.gov
CSU employees, however, will be paid as they normally are and will not receive IOUs.
For related budget news, visit http://www.sfsu.edu/~news/2009/summer/15.html
