SACRAMENTO, Calif. (AP) — Gov. Jerry Brown has signed a state spending plan for the coming fiscal year that makes budget-busting deficits a distant memory and funnels billions of additional dollars to K-12 schools.
The governor was joined by Democratic legislative leaders on Thursday as he signed the budget for the fiscal year starting Monday. It includes a $96.3 billion general fund, the state’s main account for paying ongoing expenses.
The size of the general fund and a reserve account of $1.1 billion reflect the continuing recovering of California’s economy and $6 billion in voter-approved taxes.
Declining tax revenue during the recession had cut the general fund to as low as $87 billion just two years ago, requiring lawmakers to make deep spending cuts.
The budget for the coming fiscal year adopts a new funding formula for public schools that will send more money to districts with disadvantaged students. It also expands Medicaid to an additional 1.4 million low-income Californians.
Copyright 2013 The Associated Press.