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Governor proposes rebuilding Proposition 98 stabilization reserve; LAO endorses cautious approach
Summary
DOF and the LAO told the committee the governor’s budget anticipates mandatory and discretionary deposits to the Proposition 98 Reserve; both offices said rebuilding the reserve helps manage future volatility tied to capital gains revenue.
The Department of Finance told the Assembly Budget Subcommittee that higher capital gains forecasts and other revenue growth would allow a discretionary rebuild of the Proposition 98 Reserve — the state’s K–14 stabilization account — in the governor’s budget.
Alex Shope said the 2024 Budget Act anticipated a mandatory withdrawal in 2023–24 followed by a discretionary deposit…
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