Confused in California

Greetings all,

I'm in need of some expert advice and guidance in relation to a possible job. I stand a good chance of getting a job with a large california city but my concern is whether I should seriously reconsider accepting, if it is offered to me, given the current financial situation that California -the state and its cities- are in right now.  My worry is that I'll get hired only to be let go within a few months to a year because of budget concerns or what have you.  As of now, I have a very low skill but stable and well paying job with a utility company.  My only incentive to stay with my currently employer is that they're paying for my masters degree and (I'm pretty sure) expect me stay on for a few years once I do finish my graduate work.  So what am I to do?  Are my concerns regarding this large city valid?  If offered a planning position should I accept or continue in my current position hoping that my current employer will keep me on?

Thanks!

Confused in California