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ERIC Number: ED507489
Record Type: Non-Journal
Publication Date: 2009-Mar
Pages: 4
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Update on the 2009-10 State Budget. Report 09-07
Woolfork, Kevin
California Postsecondary Education Commission
On February 20, 2009, Governor Arnold Schwarzenegger signed into law the 2009 Budget Package. This set of bills revised the current year (2008-09) budget and adopted a budget for the upcoming 2009-10 fiscal year. This 17-month spending plan was designed to address a two-year budgetary shortfall of more than $40 billion. The plan contains the following components: (1) $14.9 billion in state spending reductions below current-year and anticipated budget-year levels; (2) $957 million in additional spending reductions through Governor's vetoes of other items in the budget bills; (3) $12.5 billion in expected new revenues from increases in various taxes and fees; (4) $7.8 billion in funds to the state from the federal government's economic stimulus package; and (5) $5.4 billion in borrowing and special fund loans and transfers, including $5 billion anticipated from a proposal to securitize the State Lottery. The budget reduces current-year State General Fund spending from the $102 billion in the Budget Act adopted last September to less than $92 billion. It authorizes just over $95 billion in State General Fund spending for 2009-10, a lower total than in any fiscal year since 2005-06. The budget plan relies on several important ballot initiatives to be put before the voters in a statewide special election.
California Postsecondary Education Commission. 770 L Street Suite 1160, Sacramento, CA 95814. Tel: 916-322-9268; Fax: 916-327-4417; e-mail: Publication_Request@cpec.ca.gov; Web site: http://www.cpec.ca.gov
Publication Type: Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: California Postsecondary Education Commission
Identifiers - Location: California