On Thursday, Governor Jerry Brown released his 2014-15 $155 billion budget proposal. The plan calls for an increase in general fund spending by more than eight percent, to $106.8 billion. The budget assumes a $4.2 billion surplus, includes $1.6 billion for the rainy day reserve fund and $11 billion in debt reduction. A more contentious component of the governor’s plan calls for a $250 million dollar infusion into California’s high-speed rail project; money that will be derived from proceeds from the state’s greenhouse gas reduction program known as cap-and-trade.

The full version of the governor’s budget can be found here. Please contact CBA vice president of government relations, Jason Lane,  at jlane@calbankers.com with any questions.