January 2009 Volume 22 No. 1 Update on Disbursement of Financial Aid Monies By the Way . . . California Supreme Court Will Review Law Pooled Money Investment Board to Further Discuss Facilities Loans By the Way . . . Release of the State Budget Proposal Will Not Be Delayed Governor Vetoes Legislature's Midyear Reduction Package Special Session Bils Sent to Governor Lawsuit Filed Against Democrat Revenue Proposal Classified Layoffs and the Rights of Affected Employees Potential Issuance of IOUs Could Impact Financial Aid Welcome Back! By the Way . . . Leon Panetta Selected to Head CIA Early Release of Governor’s Proposed 2009-10 State Budget Controller Issues Dire Warning of Cash Crisis By the Way . . . Auditor Releases Textbook Recommendation CTA also Takes Aim at the Sales Tax Looking at an Early Retirement Incentive? Governor Convenes Second Proposition 58 Special Session Ask SSC . . . Could the Governor Sign the Bill Reducing Proposition 98 Expenditures, but Veto the One that Raises Revenue? Details of Proposed Reductions to Proposition 98