Sacramento, CA — With an overwhelming show of bipartisan support, the revised Rainy Day Fund passed the state Assembly today.
“A real Rainy Day Fund to end the cycle of boom and bust has been one of the cornerstones of the Assembly’s efforts to ensure California’s fiscal stability,” said Speaker Toni Atkins (D-San Diego).
Atkins touts the measure as a proposal that works to achieve budget stability by targeting revenue volatility.
Lawmakers voted 75-0 to replace the exsisting Rainy Day Fund already scheduled to go on the fall ballot. If passed by the Senate the measure will be on the November 4 ballot for voters to have the final say.
Governor Jerry Brown and legislative leaders announced the bipartisan deal last week.