Sacramento, CA — After a record waiting period of 84 days Governor Arnold Schwarzenegger finally signed the 2008-2009 fiscal budget Tuesday.
The budget addresses California´s $15.2 billion budget shortfall with a combination of cuts and increased revenues. It fully funds education´s Prop. 98 and does not borrow funding from voter approved local government or transportation funds.
Schwarzenegger commented, “While California is certain to face a difficult budget situation again next year, this budget does not take money out of people´s paychecks or borrow from voter approved local government or gransportation funds, and it includes real budget reform with teeth. These budget reforms, when approved by voters, will finally put California´s budget on a path toward long-term fiscal stability.”
Over the weekend the Governor used his veto pen to make an additional $510 million in General Fund reductions. The state also captured $340 million in savings due to the delay in enacting the budget and the effect of the Governor´s executive order.
Written by Bill Johnson