Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
In the summer of 2022, California governor Gavin Newsom, apparently high on the smell of cash, announced that California had just smashed through the state-budget equivalent of the first four-minute mile: a one-year surplus of $100 billion. Calling it “simply without precedent,” Newsom bragged, “No other state in American history has ever experienced a surplus as large as this.”
“Neither the governor nor the Legislative Analyst’s Office acknowledged how precarious that ‘surplus’ was,” says Mark Moses, author of The Municipal Financial Crisis: A Framework for Understanding and Fixing Government Budgeting.
Just one year later, in 2023, Newsom announced — this time without the trumpet blasts, chest-thumping and press tour — that California was $32 billion in the red. Today, the governor is staring into the business end of a $73 billion deficit.
You didn’t have to be a prophet to see the financial chaos coming. In this state’s notoriously mercurial tax system, which depends largely on revenue from just 150,000 wealthy Californians and massive, occasional paydays to investors in the state’s tech sector, what went up in 2022 was certain to fall hard, fast, and soon.
Nor did the governor acknowledge the troubling fact that there was never a surplus: Even in the go-go days of 2022, California’s state and local debt was accelerating toward $1.6 trillion, about 17 times Newsom’s one-year “surplus,” which included unfunded retirement benefits for government employees.
The bottom line: The bad news was a surprise only to those who took Newsom seriously.
For those people, the first red flag popped up in December, when the independent Legislative Analyst’s Office (LAO) pegged the deficit at $68 billion. With the doomsday clock ticking, the governor’s finance office issued a bland but candid “budget letter” to all state agencies, urging them to throw overboard anything not nailed to the state constitution.
“It is vitally important that state government is efficient, effective, and only expends funds that are necessary to the critical operation and security of the state,” the finance office declared. “As such, all state entities must take immediate action to reduce expenditures and identify all operational savings achieved.” That would be sound guidance in all circumstances. But this is California, and back in 2022, when Newsom was still feeling like the casino’s biggest whale, he spent as if there’d be money forever, boosting spending to $308 billion, more than double Jerry Brown’s last, 2019 budget of $140 billion.
Jim likes agronomics and bradda head where there ‘s rns’s on progress but we get zero comms on webis
Lots of promises of the good times ahead but nothing to keep investors informed- v poor and smells a bit
Share price goes south each week - is anyone out there or even cares
“We remain open to discussion with potential partners and will keep shareholders fully informed of developments in this matter “
That was 22/222 so in 5 months nothing to report - I think some one at webis is a very creative writer at share holder expense
Mmmmmm my gut is saying be v careful
Stop winging- you pay the your money you take your chances
It’s a gamble if you can’t take the loss get out
Accustem will come good but maybe not in 22
You won’t get any good feelings bye ****ging off the BOD
ACCUSTEM SCIENCES LIMITED
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The following information is available from the company's filing history.
Date Form Description
3 May 2022 GAZ1 First Gazette notice for compulsory strike-off