4 ms·
Do they have reserves left over from last year's huge surplus?
by polski-g 3y ago
Do they have reserves left over from last year's huge surplus?
- kyboren 3y agoYes, the state has two "rainy day" funds: The Budget Stabilization Account (BSA) for the general fund and a separate reserve fund for Proposition 98 (i.e. school funding). The BSA currently has roughly $21B[0] and the Prop. 98 Reserve is over $8.5B[1]. However, due to "the significant downward revenue adjustment to 2022‑23", the state will actually continue contributions to, not make withdrawals from, the BSA[0]. [0]: https://www.lao.ca.gov/Publications/Report/4819 https://www.lao.ca.gov/Publications/Report/4819 [1]: https://ebudget.ca.gov/2023-24/pdf/BudgetSummary/K-12Education.pdf https://ebudget.ca.gov/2023-24/pdf/BudgetSummary/K-12Educati...