WOODLAND, Calif. - The California legislature has failed to pass a budget by the June 30 deadline numerous times in the last two decades-plus, and it’s on track to do so again. That’s why one CU is preparing to assist its members in case the fiscal year once again ends without paychecks for state employees.
Yolo FCU said emergency loan assistance and payment extensions will be made available to members who are affected by a budget impasse. Members who do not receive their normal pay as a result of a budget delay may contact the CU about no-interest loans or payment extensions.
Jenee Rawlings, vice president of lending and support services for Yolo, told Credit Union Journal California has had a budget impasse in approximately 20 out of the last 24 years. The credit union’s management has been in contact with state officials, who fear the worst in a year the Golden State faces a massive budget shortfall.
“It is a possibility again this year,” she assessed. “We’ve offered emergency budget impasse loans for several years. Hopefully, it won’t be an issue but if it is, our program already is in place.”
Rawlings said legislative employees and administrators have the strongest possibility of being impacted by a paycheck stoppage.
Yolo FCU has branches in Woodland, Davis, and West Sacramento and serves more than 18,000 members. Membership is open to anyone who lives, works, worships, or attends school in Yolo County. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
