We’re In The $$$

We’re in the money.  California’s budget surplus is now estimated to be a whopping $68 billion – a far cry from the LAO’s January projection of a measly $29 billion.  So now what?  How do lawmakers spend such a windfall?  No worries…they’ve got ideas…

As reported in Politico, below are proposals to ensure that the $68 billion doesn’t just sit around and accumulate dust.

$11 billion to offset rising gas prices

$8 billion to go back to taxpayers (cha-ching)

$8 billion to go toward the state’s reserve funds (bringing that balance up to $43 billion)

$5 billion to go toward school funding this year with an extra $10 billion next year

$5 billion for universities

$1 billion toward preschool programs and waivers for childcare for low-income families

$1 billion for MediCal programs for undocumented residents

$18 billion toward climate resiliency programs

$3 billion for Project Homekey

$2.7 billion toward affordable housing projects and homeownership programs

$20 billion for infrastructure projects 

If you grab your trusty calculator, that adds up to $82.7 billion.  Even before it’s spent, it looks like cuts are on the horizon.

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