2015-16 BUDGET SUMMARY

 

The proposed budget includes:

 

–        Total spending (including bond and special funds): $170.7 billion

–        General fund spending: $122.6 billion

–        Personal Income Tax continues as the leader in state revenues at $83.8 billion. Sales tax is second at $25.9 billion.

–        Proposition 98 (K-14 education spending): $71.8 billion (plus $257 million from prior year “settle up” from underfunding of the guarantee.

–        “Rainy Day” fund for the next recession: $8 billion

At the press conference when asked about extending Proposition 30’s “temporary” taxes, the Governor essentially had no comment.  Many majority party legislators and advocates for school and health and human services groups would like to see an extension of one component of Prop. 30–the tax on those making over $250,000 a year, while letting the sales tax premium subside. There’s currently initiatives on the street that will qualify that would do just that.

Click here to get all the information on the proposed 2015-16 Budget.

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