California Proposition 2, 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 ballot proposition is on the November 4, 2014 statewide ballot in California 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.[1]

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

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References


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