It’s now common knowledge that Sacramento County is facing hardship with its finances. The county has a $180 million budget gap and two credit rating agencies recently lowered the county’s credit ratings. But for those of us who are not economists or budget experts, it may be difficult to get a grasp on the findings presented by the credit rating agencies, Moody’s Investors Service and Standard & Poor’s Ratings Services. The Sacramento Press asked Robert Wassmer, a professor and chairman of the public policy and administration department at California State University, Sacramento, to shed some light on the report issued by Moody’s. The Moody’s “A1” rating for the county has fallen to “A

Sacramento County is holding hearings this week on proposed budget cuts to address a $180 million budget gap. The budget hearings are open to the public and will be held at the county Board of Supervisors’ chambers at 700 H St. The proposed overall budget for the 2009/2010 fiscal year is $4.3 billion. Sacramento County’s general fund budget is $2.03 billion. The budget document explains that a large portion of the general fund consists of the county's general purpose funds. "All other funds in the county budget are financed with earmarked or restricted revenues," the document states. A breakdown of the general fund is on page 9 of the budget’s introduction. “We’re at a very challenging