California governor, legislature agree on
final budget
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[June 14, 2017]
By Robin Respaut
(Reuters) - California Governor Jerry Brown
announced on Tuesday that state lawmakers had reached an agreement about
the state's 2017-2018 budget.
Both houses of the state legislature will likely vote on the new budget
on Thursday, the constitutional deadline for lawmakers to adopt a budget
bill.
California's Department of Finance had not totaled the final budget
numbers as of Tuesday morning, according to department spokesperson H.D.
Palmer.
The budget adds $1.8 billion to the state's rainy day fund, expands
access to California's Earned Income Tax Credit and boosts funding for
schools and infrastructure repairs, according to the governor's office.
It also sends more money to the nation's largest public pension fund,
California Public Employees' Retirement System (CalPERS), to help reduce
the fund's unfunded liability.
“This budget keeps California on a sound fiscal path and continues to
support struggling families and make investments in our schools,” Brown
said in a statement on Tuesday.
“This budget makes historic investments in healthcare, education, and
childcare, and lays down a multi-billion dollar investment to start
fixing our roads and infrastructure,” said Senate President pro tem
Kevin de León.
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![](../images/061417pics/news_I17.jpg)
California Governor Jerry Brown attends the International Forum on
Electric Vehicle Pilot Cities and Industrial Development in Beijing,
China June 6, 2017. REUTERS/Thomas Peter
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Brown proposed a state budget in January for the new fiscal year and
revised his budget up 2.2 percent to $183.4 billion in May.
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(Reporting by Robin Respaut; Editing by Chizu Nomiyama)
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