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Administration seeks cap‑and‑invest extension and proposes GGRF shifts to fund high‑priority items, prompting sharp legislative debate
Summary
The May Revision proposes extending California's cap‑and‑trade program (branded in documents as 'cap‑and‑invest') and directing at least $1 billion annually to high‑speed rail plus shifting portions of Cal Fire funding to the Greenhouse Gas Reduction Fund; LAO urged caution and called for more legislative process and statutory specificity.
The administration’s May Revision asks the Legislature to extend the state’s cap‑and‑trade program (referred to in materials as a proposed “cap‑and‑invest” reauthorization) to 2045 and to adopt a greenhouse gas reduction fund (GGRF) expenditure plan that would redirect certain state costs currently covered by general fund — most prominently a portion of Cal Fire’s current general‑fund budget — into GGRF receipts and dedicate at least $1 billion per year to the High Speed Rail Authority.
Department of Finance officials said the administration’s approach would provide a stable revenue stream that could be used to support climate and transportation priorities and to reduce general fund pressure. Finance representative…
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