Gov. Jerry Brown will sign California's $156.2 billion budget for the upcoming fiscal year in San Diego Friday according to the governor's office.
Brown will be joined at the signing ceremony by Assembly Speaker Toni Atkins, D-San Diego, and Senate President Pro Tem Darrell Steinberg, D- Sacramento.
The state spending plan 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.
Last month, the governor reached an agreement with the Legislature on the reserve fund, that would 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 the general fund revenue
- allows withdrawals to be made from the fund when needed during recessions, within prescribed limits
- creates a reserve account for education to avoid future funding cuts.
Additional agreements with legislative leaders last week will add at least $180 million in overtime pay for healthcare workers who provide care to the disabled and elderly in their homes, direct a quarter of cap-and-trade revenue toward construction of a high-speed rail line and expand preschool opportunities for economically disadvantaged children.
The general fund, for discretionary spending, will be nearly $108 billion.
—City News Service