Problem
1) First, visit the California Budget Challenge website and review the instructions for the California Budget Challenge.
2) Second, complete the simulation.
3) Third, based on the simulation:
a) Start with a brief overview of the California budget process, including major participants and their roles, major revenue sources and spending areas of the state, and major challenges currently facing the state budget.
b) Describe your version of the California state budget based on the simulation, including your spending, revenue, and reserve options, and explain your justifications.
c) Discuss your final state budget: Do you end up with a balanced budget, a deficit, or a surplus? If you have a balanced budget, explain what strategies you have adopted to balance the budget. If you have a budget deficit, explain how big the deficit is and how you plan to balance the budget. If you have a surplus, explain how big the surplus is and what you are going to do with the surplus.