The New California Budget Revealed

Yesterday, Governor Jerry Brown’s office revealed his new budget for California.

The plan, which includes cutting $1.4 billion from higher education, $1.7 billion from MediCal, and $1.5 billion from California’s welfare-to-work programs, will maintain current spending levels for K-12 education, which Brown feels has “borne the brunt” of budget cuts in the past.

The extra-icky news?  There’s a strong possibility of higher taxes – and state employees will take a pay-cut of 10%.

While it might sound like there’s no room in this budget for redevelopment, Proposition 22 may keep a few redevelopment projects afloat.   Proposition 22 forbids the state from taking over funds originally-designated for more localized projects.  If Sacramento doesn’t benefit from the total halt of redevelopment, it seems pretty safe to say that the total halt won’t happen – although progress won’t be made as quickly as it would have with state funds/approval.

You can read the budget itself, which still needs to be approved by the State Legislature, here.

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One response to “The New California Budget Revealed

  1. Pingback: ‘Carnival’ comes to San Francisco | California Real Estate News

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