News
Governor Releases May Budget Revision
May 14, 2008
Today Governor Schwarzenegger released a revision to his January budget for the 2008-09 fiscal year. As is traditional, the May Revise reflects the current budget situation, taking into account actual tax revenue received by the state. The budget deficit has worsened since January - with revenues that came in $6 billion lower than projected - and California's economy is still sluggish. The Governor's budget however, fully funds K-12 education under Proposition 98, keeps state parks open, and keeps prisoners behind bars.
To make these commitments, the Governor is proposing raising money from the California Lottery by putting a measure on the November, 2008 ballot that is designed to modernize the Lottery. According to the Schwarzenegger Administration, this modernization will allow the state to jump-start the rainy day fund and pump an estimated $5 billion in new revenue into the 2008-09 budget year.
While details of the budget have not been released, it is thought that there is little change to teh University of California budget from what was proposed in January. The January proposal would leave UC about $400 million below what the Regents proposed last fall.
In addition to the lottery revenue the Governor proposes bridging the budget deficit by 10% cuts to programs other than parks, prisons, and K-12 education.
Read more about the Governor's May Revision here.
Read more about UC and the State Budget here.
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