Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
State budget would cover $634 million UI interest payment; EDD seeks $124 million for modernization and $13.8 million for cybersecurity
Summary
The administration proposes a $634 million one-time general fund payment toward the federal unemployment insurance (UI) loan interest; LAO warns the program is chronically insolvent and urges structural reforms. EDD requested $124 million for EDD Next modernization work this year and $13.8 million ongoing for cybersecurity staffing and tools; the
The governor's budget includes a $634 million one-time general fund payment to cover the upcoming interest payment on the state's outstanding federal unemployment insurance loan, and the Employment Development Department requested further funding to modernize claims systems and bolster cybersecurity.
Caleb Horrell, EDD chief financial officer, told the subcommittee the $634 million payment is the administration's fiscal action for the coming year. Chaz Alamo of the Legislative Analyst's Office said the outstanding federal loan was about $21.8 billion at the time of the hearing and that the interest payment estimate is likely to increase in…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
