2014-15 California Budget Leaked, Pushing Governor’s Schedule Up A Day
Don't Miss This
- Logic Behind Ferguson Grand Jury’s Decision Not To Indict Police Officer May Remain Mystery
- Man Behind Hidden Cash Craze Announces New Charity Effort Aimed At Fighting Hunger
- Brutal Beating Of Disabled Yuba City Man Likely Was Gang Violence
- Sacramento Police Ready For Protests, But Say Outreach Is Key To Avoid Violence
- Reaction To Ferguson Grand Jury Decision Fanned By Social Media
The 2014-15 proposal was supposed to be released on Friday.
The budget acknowledges that California’s surplus will likely be short lived as they came from Proposition 30 tax revenue and “a windfall from volatile capital gains.”
Outstanding budgetary borrowing plunged from $34.7 billion in 2011 to under $25 billion in 2013. The budget proposal aims to cut that but more than $11 billion, and remove it completely by 2017-18.
In that vein, the proposal calls for eliminating school payment deferrals, paying off economic recovery bonds and making early loan payments.
Brown acknowledges the state’s long-term liabilities in terms of pensions, benefits, and infrastructure debt and deferred maintenance. He says while they will take years to pay off, it’s important to tackle them now with $4.2 billion in payments this year.