A Rainy Day/Budget Stabilization Act
ballot proposition is on the November 4, 2014 statewide ballot
as a legislatively-referred constitutional amendment
The Rainy Day Amendment was originally certified for the June 5, 2012 ballot. However, the enactment of Senate Bill 202 on October 7, 2011, moved it to the 2014 ballot.
Text of measure
State Budget. Changes California Budget Process. Limits State Spending, Increases 'Rainy Day' Budget Stabilization Fund.
Increases amount of potential savings in the state 'rainy day' fund from 5% to 10% of the General Fund. Requires 3% of the general revenues to be deposited each year into the state 'rainy day' fund, except when revenues drop below last year's budget, adjusted for population and inflation. Requires unexpected revenues above historic trends to be deposited into the state 'rainy day' fund, limiting spending. In many
years, there will be increased amounts of money in the state 'rainy day' fund. Limits spending of the state 'rainy day' fund to when
state revenues drop below last year's budget, adjusted for population and inflation, and other limited purposes, including for a declared
emergency. Once the state 'rainy day' fund becomes full, additional revenues can only be used for one-time expenses like infrastructure,
debt repayment, or retained in the state 'rainy day' fund."
Path to the ballot
- See also: Amending the California Constitution
The Rainy Day/Budget Stabilization Act was introduced in the Budget Committee of the California State Assembly as AB 1619.
The timeline for the enactment of AB 1619 was as follows: