The Legislative Analyst’s Office says steady economic growth will buffer California when temporary tax increases expire in the coming years.
Gov. Jerry Brown has signed California’s $108 billion budget for the coming fiscal year that pays down debt, builds a rainy day fund and provides additional money for schools and health care.
California is on track to pay off a $15 billion bond that was championed a decade ago by then-Gov. Arnold Schwarzenegger as one of his first major actions in office.
The figure represents a 24 percent increase over the $87 billion general fund budget approved during the 2011-12 fiscal year, the low point of the recession when California cut billions of dollars from state programs and furloughed state workers.
Gov. Jerry Brown’s proposal to redirect $250 million from an effort to reduce greenhouse gas emissions has renewed debate about the project.
Assembly Speaker John Perez is pledging to move cautiously in spending California’s projected budget surplus and says lawmakers will ask voters to approve a revised ‘rainy day fund’ in November 2014.
Gov. Jerry Brown is expected to sign California’s $96.3 billion budget for the coming fiscal year, a spending plan that ends years of deficits and includes more money for disadvantaged students.
The Legislature passed a major piece of the federal Affordable Care Act on Saturday, opting to expand Medicaid to 1.4 million low-income Californians, as it rushed to meet its deadline to complete a state budget.
California’s Legislature has passed the state’s massive spending plan amid sharp divisions over whether the Democratic budget will further the state’s recovery or eventually return it to the multibillion-dollar deficits common during the recession.
The state’s independent budget analyst said Friday that California will take in $3.2 billion more than Gov. Jerry Brown estimated, providing Democratic lawmakers an argument to funnel more money into state programs and setting up a spending showdown with the administration.
Despite surging state tax revenue, Gov. Jerry Brown on Tuesday announced a spending plan for the coming fiscal year that is $1.2 billion lower than he projected in January.
California is enjoying a revenue surplus for a change, and that’s causing disagreement among Democrats.