January 2003 Volume 16 No. 1 Tax and Revenue Anticipation Notes Audited By the Way . . . Ever-So-Slight Decrease in PERS Rate Proposed 2003-04 State Budget is a Disaster for California Community Colleges By the Way . . . Copies of 2003 Tax Withholding Tables Are Available 2002-03 First Quarter Lottery Apportionment Certified How Much Is $34.8 Billion Really? Governor Davis' Second Inaugural Address—A Locker Room Pep Talk, Not a Game Plan State-of-the-State Address Long on Symbolism, Short on Specifics