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Newsom previews balanced January budget, urges Prop. 2 and Prop. 4 reform and notes pension payments
Summary
Gov. Gavin Newsom previewed a balanced January budget that includes expanded reserves and proposed reforms to ballot measures that limit the state's ability to set aside funds. He cited recent payments toward pension and healthcare liabilities and reiterated an intent to negotiate on unemployment insurance debt.
TURLOCK — Gov. Gavin Newsom used a visit to Stanislaus State on Monday to preview the administration’s January budget, highlight fiscal reserves and call for changes to voter-approved limits on setting aside surplus revenue.
Newsom said the January budget will be balanced and include about $17,000,000,000 in reserves, with an additional $1,000,000,000 in discretionary reserves. “It needs to at least be doubled to 20%,” he said of Proposition 2’s reserve cap, proposing a higher savings target to soften revenue volatility.
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