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Highlights of Gov. Jerry Brown’s revised budget
Question of the Day
Highlights of Gov. Jerry Brown’s revised budget for the 2014-15 fiscal year; his plan now goes to the Legislature.
- Projects a $107.8 billion general fund for the fiscal year starting July 1. Includes $2.4 billion in increased revenue over his January estimate.
- Total spending is $156.2 billion, including from bond funds and special funds that are dedicated to specific programs.
PAYING DOWN DEBTS:
- Includes $1.6 billion to make the final payment on the economic recovery bonds passed during the administration of former Gov. Arnold Schwarzenegger to close a budget deficit. Voters approved the $15 billion bond in 2004. Through May 1 of this year, the state had paid $14 billion in principal and interest, according to the state treasurer’s office. It could not yet estimate how much the bond will cost once it is fully paid off.
- Puts $1.6 billion into the state’s rainy day fund.
- Includes a 30-year plan to pay down California’s nearly $74 billion in unfunded liabilities for the California State Teachers’ Retirement System, including a contribution of $450 million in the next fiscal year from the state, school districts and teachers. The state portion would be $73.2 million from the general fund.
- Makes a $100 million payment to local governments as reimbursement for deferred state mandates owed since at least 2004.
- K-12 education will receive a total of $44.7 billion from the general fund, a 4.3 percent increase over the current fiscal year.
- The amount owed to schools has increased under California’s Proposition 98 funding guarantee by $659 million above January projections. That includes $4.5 billion to implement the local control funding formula, Brown’s plan that allows local leaders to have more control over how schools spend the money they receive from the state.
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