The state budget adopted today by the California State Legislature represents an important step forward in achieving stability and fiscal prudence in state spending, while it also promotes California’s economic recovery, according to Assemblymember Toni Atkins. The balanced, on-time budget that was approved today is critical both to how credit rating agencies view our state’s finances and to restoring the consumer confidence California will need to continue its economic recovery.
“By adopting the first on-time budget since 1986, we have acted early, responsibly, and made the difficult cuts needed to balance this year’s budget, without the additional revenues many believe were needed,” says Atkins. “This aggressive plan shows how serious we are about putting California back on the right path.”
“Let me be clear, this budget does include deep and difficult cuts that span the breadth of state government and which are in addition to cuts to the core of the state’s health and social services safety net that were made in March.” $2.85 billion in payments to public schools will be deferred and the public universities will take additional major cuts to their budgets.
But the budget adopted today also eliminates 60% of the state’s structural deficit, provides for a $600 million reserve for emergencies, and protects investments in programs that promote job creation and reduce unemployment. The budget includes reforms to enterprise zone and redevelopment programs which generate funds for job creation, education, and the elimination of blight. It restores $200 million for child care programs, ensuring that Californians can continue to work while knowing their children are safe and cared for. In addition, the budget restored critical job training funds that will enable people to get back to work as soon as possible.
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