Calif. Legislature approves $171 billion budget
By Chris Megerian, Los Angeles Times
With concerns about the potential for another recession casting a shadow over this year’s budget negotiations, California lawmakers approved a new $170.9-billion spending plan on Wednesday that increases some funding for social services but stashes more away in a rainy-day fund.
Although lawmakers are finishing their work on this year’s budget, some of the most consequential decisions for the state’s financial future may not be made until the November election. Voters will likely be asked whether to extend higher taxes on the wealthy, increase the levy on cigarettes or borrow billions of dollars to build and renovate schools.
It’s a classic example of California’s dual-track system for managing its finances, with some decisions made in the Capitol and others at the ballot box.