Posts Tagged: $55 billion
Gov. Jerry Brown at a Capitol briefing last year on his revised state budget. Photo: Rich Pedroncelli/AP
OPINION: Californians can breathe a sigh of relief. When proponents of a 2016 ballot proposal to extend Proposition 30’s tax rates on wealthy Californians amended their measure this week, they did something that was both politically smart and fiscally sound: They eliminated a provision the governor a few days ago called the measure’s “fatal flaw”, that would have exempted this proposed new revenue from the state’s Rainy Day Fund.
Gov. Brown unveils his 2016-17 budget plan, urging caution about potential economic downturns. (Photo: Rich Pedroncelli/AP
California’s economy is on the mend and revenues are fat, but Gov. Brown offered some words of gloom as he unveiled a $171 billion budget blueprint for the fiscal year beginning July 1. “If you’re a betting person, you can easily conclude that deficits are more likely than surpluses,” Brown said Thursday as he presented his 2016-17 budget to the Legislature.