SACRAMENTO (AP) – 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.

Brown held a signing ceremony Friday in San Diego. He says in a statement that the on-time budget “provides for today and saves for the future.”

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The new budget is the highest general fund spending plan in state history. It is built on temporary tax increases and surging stock market revenue.

The Democratic governor allowed new spending for the priorities of Democratic lawmakers, including welfare expansion and preschool for 4-year-olds from low-income families.

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Republicans called the budget a mixed bag. They praised the use of a more conservative revenue projection but criticized its spending increases for permanent programs.

 

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Copyright 2014 The Associated Press.