Governor Edmund G. Brown Jr. released a revised state budget today that provides health care to millions more Californians, pays down $11 billion in debt and fully funds the teachers’ retirement system over time.
“This May Revision is good news for California,” said Governor Brown. “It shows that California can afford to provide health care to many more people, while at the same time paying its debts and shoring up the long-troubled teachers’ retirement system.”
The Governor’s revised budget plan comes on the heels of an agreement with legislative leaders of both parties to bring greater stability to the state’s finances in the years to come. The agreement, based on the Governor’s January proposal, establishes a Rainy Day Fund that allows the state to save for the future while paying down its debts and unfunded liabilities. The proposal is expected to go before voters in November.
For the budget year (2014-15), the May Revision sets aside $1.6 billion to make the final payment on the Economic Recovery Bonds and another $1.6 billion for the Rainy Day Fund.
The May Revision reflects more than $2 billion in added costs over and above the January budget. This includes higher spending to provide health care coverage …read more
Source: Fullerton Chamber of Commerce