CA State Controller Says U.I. Recipients to Continue to Receive Checks
Community Business College students rely on Unemployment Insurance Benefits to survive while attending vocational training. Receiving IOU's would have been financial devastating for most students.
Modesto, CA, July 05, 2009 --(PR.com)-- Community Business College has been informed that students who are receiving California Unemployment Insurance (U.I.) Benefits checks will continue to receive those benefits through July. This is in response to concerns that U.I. benefits recipients might be included in those who will start receiving “registered warrants” or, what are commonly referred to as “IOUs,” after July 1, 2009, while the state legislature and governor resolve $24 billion in outstanding budget issues.
According to the Controller’s website, this is possible because, “Individuals receiving unemployment or disability payments will not receive registered warrants from the State. Those payments are made by the Employment Development Department, and are paid out of special funds, not the State’s depleted General Fund.”
The majority of adult students enrolled in Community Business College receive financial support from the California Unemployment Insurance Benefits program. Most find they are only able to afford attending training for a new job by receiving Unemployment Insurance Benefits under their training extensions.
The State of California defines a registered warrant as “a promise to pay,” printed and sent by the State when there are not enough funds to pay all of its General Fund obligations. Registered warrants bear interest and are redeemable by the State Treasury only when the General Fund has sufficient money in the fund provided by the Legislature and the Governor. According to the website maintained by the Treasurer of the State of California, registered warrants may be redeemed, with interest, on October 1, 2009, provided there is adequate cash in the Treasury at that time. Both the issue date and maturity date are printed on the warrants. The state last issued them in 1992, and before that, during the Great Depression.
Dan Guerra, School Director, responded, “this information proved to be a great relief to our students. When we announced the news at our school-wide meeting, we heard a big sigh of relief!”
While many entities working with the state will start receiving the much-publicized IOUs in July, there are some that will continue to receive their checks as usual. In addition to Unemployment Insurance benefits recipients, State Supplementary Social Security benefits and State Disability Insurance Benefits will likewise be exempt from the warrants. Constitutionally required and court required payments will also continue to receive checks (e.g. Public Employees Retirement System and Judicial Payroll respectively).
A list of individuals and organizations that will receive the IOUs can be found at this website: http://www.sco.ca.gov/5919.html.
A list of individuals and organizations that will not receive the IOUs, but continue to receive checks, can be found at this website: http://www.sco.ca.gov/5917.html.
As with much that is happening during this budget crisis, the Controller’s office warns that while this information is current, it is subject to on a daily basis.
A list of Frequently Asked Questions can be found at the State of California Controller’s website: http://www.sco.ca.gov/5935.html. Additional information can be found on the State Treasurer’s website: http://www.treasurer.ca.gov/warrants/index.asp.
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Community Business College
3800 McHenry Ave., Suite M, Modesto, CA 95356
Contact Dan Guerra at (209) 529-3648 or dguerra@communitybusinesscollege.edu
According to the Controller’s website, this is possible because, “Individuals receiving unemployment or disability payments will not receive registered warrants from the State. Those payments are made by the Employment Development Department, and are paid out of special funds, not the State’s depleted General Fund.”
The majority of adult students enrolled in Community Business College receive financial support from the California Unemployment Insurance Benefits program. Most find they are only able to afford attending training for a new job by receiving Unemployment Insurance Benefits under their training extensions.
The State of California defines a registered warrant as “a promise to pay,” printed and sent by the State when there are not enough funds to pay all of its General Fund obligations. Registered warrants bear interest and are redeemable by the State Treasury only when the General Fund has sufficient money in the fund provided by the Legislature and the Governor. According to the website maintained by the Treasurer of the State of California, registered warrants may be redeemed, with interest, on October 1, 2009, provided there is adequate cash in the Treasury at that time. Both the issue date and maturity date are printed on the warrants. The state last issued them in 1992, and before that, during the Great Depression.
Dan Guerra, School Director, responded, “this information proved to be a great relief to our students. When we announced the news at our school-wide meeting, we heard a big sigh of relief!”
While many entities working with the state will start receiving the much-publicized IOUs in July, there are some that will continue to receive their checks as usual. In addition to Unemployment Insurance benefits recipients, State Supplementary Social Security benefits and State Disability Insurance Benefits will likewise be exempt from the warrants. Constitutionally required and court required payments will also continue to receive checks (e.g. Public Employees Retirement System and Judicial Payroll respectively).
A list of individuals and organizations that will receive the IOUs can be found at this website: http://www.sco.ca.gov/5919.html.
A list of individuals and organizations that will not receive the IOUs, but continue to receive checks, can be found at this website: http://www.sco.ca.gov/5917.html.
As with much that is happening during this budget crisis, the Controller’s office warns that while this information is current, it is subject to on a daily basis.
A list of Frequently Asked Questions can be found at the State of California Controller’s website: http://www.sco.ca.gov/5935.html. Additional information can be found on the State Treasurer’s website: http://www.treasurer.ca.gov/warrants/index.asp.
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Community Business College
3800 McHenry Ave., Suite M, Modesto, CA 95356
Contact Dan Guerra at (209) 529-3648 or dguerra@communitybusinesscollege.edu
Contact
Community Business College
Dan Guerra
(209) 529-3648
www.communitybusinesscollege.edu
www.cbc123.com
3800 McHenry Avenue, Suite M
Modesto, CA 95356
Dan Guerra
(209) 529-3648
www.communitybusinesscollege.edu
www.cbc123.com
3800 McHenry Avenue, Suite M
Modesto, CA 95356
Contact
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