General information

California Legislature Adopts State Budget

On Friday, the California Legislature met its constitutional deadline to pass the state budget. The agreement between legislative leaders and the governor included $96.3 billion in spending and a $1.1 billion “rainy day” reserve. The budget, which only requires a majority vote for passage, restores $196 million in Medi-Cal funding and includes $42 billion from accounts funded by dedicated taxes and fees, $7 billion from bond funds and $87.6 billion in federal money.

Importantly, Governor Jerry Brown’s proposal to eliminate the Enterprise Zone Program was not included in the budget package voted on last week, however, a vote on that proposal is expected this week.

If you have any questions on this issue, please do not hesitate to contact Jason Lane, CBA’s vice of government relations, at jlane@calbankers.com or (916) 438-4420.

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