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California Rainy Day Budget Stabilization Fund Act (2014)

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Rainy Day Fund
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Type:Constitutional amendment
Constitution:California Constitution
Referred by:California State Legislature
Topic:State budgets
Status:On the ballot
A Rainy Day/Budget Stabilization Act (Assembly Constitutional Amendment 4) ballot proposition is on the November 4, 2014 statewide ballot in California as a legislatively-referred constitutional amendment.

On April 16, 2014, Gov. Jerry Brown (D) called on a special session of the California Legislature to replace the ballot measure with a different one that also creates a rainy day fund. Brown's latest proposal would allow more flexibility in utilizing the rainy day fund, while also setting aside more capital-gains revenue in years where such revenue spikes. His plan would allow lawmakers to direct as much as ten percent of general-fund revenue into the rainy-day fund and establish a multi-year financial forecast to protect schools from cuts during recessions. Brown needs a two-thirds vote in the legislature to place his plan on the ballot in lieu of the one currently set for the ballot.[1]

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.[2]

Text of measure

Ballot title:

State Budget. Changes California Budget Process. Limits State Spending, Increases 'Rainy Day' Budget Stabilization Fund.

Official summary:

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:

See also

External links

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References


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