Surpluses may replace deficits in California state budget
California, for years the poster child of government financial troubles, is now planning a budget that not only eliminates the state’s budget deficit but also projects a multi-million dollar surplus. Gov. Jerry Brown’s budget for the fiscal year beginning in July puts the state on the path to a $1 billion rainy day fund, according to Reuters.
Brown’s budget projects $98.5 billion in revenues and transfers for fiscal year 2013-14, with spending at $97.7 billion. Under that plan, the state would have a surplus of $851 million for the next fiscal year, added to a $785 million surplus projected for the current year.
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