Sacramento, CA — California lawmakers are finalizing the details of the 2014-15 budget.
Governor Jerry Brown is proposing $108 billion in General Fund spending. Click here to read an earlier article detailing his May revised proposal.
One of the items agreed upon Thursday was for 25% of next year’s cap and trade program revenue to go towards the high speed rail project. The Governor had been proposing 35%, but Democratic party leaders were only in favor of 15%. The two sides met in the middle. Several Republicans, meanwhile, have lobbied for ending money altogether for high speed rail. Additional money from the cap and trade program will go towards other transit projects and affordable housing programs.
Lawmakers must pass a budget by Sunday in order to continue to receive their paychecks.