Gov. Jerry Brown will sign California’s $156.2 billion state budget for the upcoming fiscal year in San Diego Friday, according to the governor’s office.
Brown will be joined at the 9:45 a.m. City Hall signing ceremony by Assembly Speaker Toni Atkins, D-San Diego, and Senate President Pro Tem Darrell Steinberg, D- Sacramento.
The state budget for the fiscal year starting July 1 includes a $1.6 billion “rainy day fund” and $142 million for drought-response measures, such as firefighting, water management, wildlife preservation and food assistance.
The governor reached an agreement with the Legislature on the reserve fund in the state budget, that would:
- require the state to bank large increases in capital gains revenues, which are the most volatile form of tax income;
- require supplemental payments to accelerate the payoff of the debts and liabilities;
- raise the dollar amount the rainy day fund to 10 percent of general fund revenue;
- allow withdrawals to be made from the fund when needed during recessions, within set limits, and
- create a reserve account for education to avoid future funding cuts.
Additional agreements with legislative leaders last week will add at least $180 million for:
- overtime pay for health care workers who serve the disabled and elderly in their homes
- direction of a quarter of cap-and-trade revenue toward construction of a high-speed rail line, and
- expansion of preschool opportunities for economically disadvantaged children.
The general fund, for discretionary spending, will be nearly $108 billion.
– City News Service