YubaNet.com
Wednesday, October 1 2014

            We Deliver News to the Sierra
News Fire News spacer Latest News spacer Regional News spacer California News spacer USA News spacer World News spacer Op-Ed spacer Enviro News spacer Sci Tech News spacer Life spacer Odd News spacer Cartoons spacer
Features The Calendar features features Weather features Sierra NightSky features features features Road Conditions features Home spacer
CA
 

Governor Brown Proposes 2014-15 Budget


    Google+    

By: Office of the Governor

SACRAMENTO January 9, 2014 – Vowing to keep the state on a path to long-term fiscal stability, Governor Edmund G. Brown Jr. today proposed a balanced budget that pays off more than $11 billion in debt and builds a lasting rainy day fund while continuing to invest in public schools and expand health care coverage for millions.

"With a decade of intractable deficits behind us, California is poised to take advantage of the recovering economy and the tens of thousands of jobs now being created each month," said Governor Brown. "But given the vagaries of the business cycle, we must be ever vigilant in the commitment of public funds. Wisdom and prudence should be the order of the day."

When Governor Brown took office, the state faced a massive $26.6 billion budget deficit and estimated annual shortfalls of roughly $20 billion. On Governor Brown's watch, the state eliminated these deficits with billions of dollars in cuts and new temporary revenue approved by California voters.

Significant details of the 2014-15 State Budget:

Maintaining Long-Term Fiscal Stability


The Budget maintains the state's fiscal stability by strengthening and investing in the state's Rainy Day Fund and continuing to pay down the "Wall of Debt" – the most immediate liability constraining the ability of the state to emerge from its fiscal troubles. Specifically, the Budget makes a $1.6 billion payment into the state's Rainy Day Fund – the Budget Stabilization Account – which marks the first deposit since 2007, and also directs $967 million to a Special Fund for Economic Uncertainties. And in lieu of Proposition 58 and ACA 4, the Budget proposes a constitutional amendment to bolster the state's Rainy Day Fund. The Budget also continues to address the $25 billion Wall of Debt, directing more than $11 billion to pay off past budgetary borrowing. This debt, which totaled $34.7 billion in 2011, will be eliminated entirely by 2017-18 under this Budget.

Investing in Education

The Budget provides an infusion of $10 billion in new Proposition 98 funding this year. For K-12 schools, funding levels will increase by $3,410 per student through 2017-18, including an increase of more than $2,188 per student in 2014-15 over 2011-12 levels. This reinvestment provides the opportunity to correct historical inequities in school district funding with continued implementation of the Local Control Funding Formula, which directs additional resources to students who need the most support – English language learners, low-income students and foster youth.

The Budget also provides the second year of guaranteed increases in funding of $142.2 million each for the University of California and the California State University systems – predicated on a continued freeze on increases in student tuition and fees.

Addressing Climate Change and Water Sustainability

The Budget proposes to invest $850 million of Cap and Trade auction proceeds to support efforts to reduce greenhouse gases, with an emphasis on assisting disadvantaged communities. To advance the Governor's Water Action Plan, the Budget also proposes $619 million to help expand water storage capacity, improve drinking water in communities where available supplies are substandard, increase flood protection and increase regional self-reliance.

Strengthening the State's Infrastructure

The Budget reflects the release of the state's five-year infrastructure plan – last produced in 2008 – and includes an $815 million package of investment to address critical deferred maintenance projects in state parks, on highways, local streets and roads and at K-12 schools, community colleges, courts, prisons, state hospitals and other state facilities.

Implementing Federal Health Care Reform

The Budget invests $670 million in new General Fund dollars to expand Medi-Cal benefits, including mental health, substance use disorder, adult dental and specialized nutrition services.

The full summary of the Governor's Budget Proposal can be viewed at www.ebudget.ca.gov, or at www.dof.ca.gov

 

Help us bring you more news. Be a real reader: Support YubaNet

By submitting a comment you consent to our rules. You must use your real first and last name, not a nickname or alias. A comment here is just like a letter to the editor or a post on Facebook. Thank you.

 

Latest Headlines

CA

Gov. Brown Signs New Gun Violence Restraining Order in Wake of Isla Vista Shooting

Governor Brown Signs Legislation to Ban Single-Use Plastic Bags

National Science Foundation: Cause of California drought linked to climate change

Dry Water Year 2014 Ends Tomorrow

Mail-in-ballot rejections analyzed in study

Governor Brown Signs Ballot Reform Measure

Governor Brown Signs Legislation to Help Unaccompanied Minors

New California Voter Data Show Record-High of Voters with No Political Party

Conservation group salutes protections in Desert Plan


More

 

 

 

 

NEWS . Fire News . Latest . Regional . California . USA . World . Op-Ed . Enviro . Sci/Tech . Life . Odd News . Cartoons
FEATURES . The Calendar .Weather . Sierra NightSky . Horoscope . Road Conditions
YubaNet.com . Advertising. About Us . Support YubaNet . Contact Us . Terms of Use . Privacy

YubaNet.com © 1999-2014
Nevada City, California (530) 478-9600