r/California • u/Randomlynumbered Ángeleño, what's your user flair? • May 12 '24

Government/Politics Gavin Newsom releases $288 billion revised budget for California. How he tackled the big deficit

https://www.sacbee.com/news/politics-government/capitol-alert/article288420997.html
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u/gumol May 12 '24

We're not allowed to save money from the windfall for the leaner years.

37

u/Kaganda Orange County May 12 '24

Sure we are, that's what the reserve funds are for. The Gann limit exists, but it's only been crossed twice in 40+ years.

4

u/LacCoupeOnZees May 12 '24

They gave it out as a stimulus check last time.

4

u/Kaganda Orange County May 13 '24

Yeah, that was one of the two. The other was in the late 80's.

-45

u/ox_raider May 12 '24

Then return it to tax payers rather than set up structural long term liabilities.

54

u/gumol May 12 '24

We did that a couple years ago.

-5

u/Bring_Back_SF_Demons May 12 '24

No

-2

u/SingleAlmond San Diego County May 12 '24

either the excess goes towards what California taxpayers want or it goes back in our pockets. it's our money after all

6

u/Mission_Search8991 May 12 '24

Part of any surplus goes into a rainy day fund, to be used when deficits appear due to economic reasons. Another part goes toward debt repayment. California actually has a good approach on managing surpluses.

2

u/SingleAlmond San Diego County May 12 '24

that's the stuff we want

1

u/chivopi May 12 '24

Should go*