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.