Senate Budget Key Values to Focus on Putting California’s Wealth to Work for a More Equitable Economy
SACRAMENTO – With a strong fiscal outlook for California on the horizon that includes more than $51 billion in available discretionary resources for schools and other General Fund purposes, the Senate has begun work on a budget plan that harnesses the state’s wealth to ensure a more equitable economy that uplifts California families.
Senate President pro Tempore Toni G. Atkins (D-San Diego) and Senator Nancy Skinner (D-Berkeley), chair of the Senate Budget and Fiscal Review Committee, released a broad overview today of the key values Senate Democrats will be using to craft the Senate Budget Plan for the upcoming year.
“The Senate is committed to putting the state’s wealth to work to benefit those who need it most – the middle class and families struggling to get by,” Pro Tem Atkins said. “California is in good fiscal health—thanks to a revenue system approved by voters and responsible budgeting by the Legislature—and it’s time to build on the progress we’ve made: more access to education and health care, strong reserves to protect us in down times, and more investments that grow the economy and create equity.”
The Senate budget values include maintaining the state’s historic reserves to protect the progress we are making from future downturns; aligning new commitments with Gann Limit requirements such as maximizing infrastructure investments — including for schools and higher education — and strengthening targeted tax relief programs; and building a more equitable economy through investments that will help get California back to work, strengthen the middle class, assist struggling families and aging Californians, address housing challenges and homelessness, and improve and broaden access to quality education.
“California’s progressive revenues are funding the state at record levels, but inequity remains. Moving toward an equitable economy for all requires increased investments in affordable housing, our essential workforce, infrastructure at schools and colleges and protecting the climate,” Sen. Skinner said. “Fortunately, we have the opportunity to make such investments while we continue supporting small businesses and those Californians still struggling.”
California’s rebounding economy is robust, and a recent report by the Legislative Analyst’s Office revealed a fiscal outlook that would include more than $51 billion in Prop 98 and non-Prop 98 General Fund resources – $20 billion in Prop 98 funding that can be used for K-14 education and a $31 billion surplus in non-Prop 98 General Fund revenue.
More information on the Senate’s budget values is available here.
Toni G. Atkins is President pro Tempore of the California Senate. Having previously served as Speaker of the California Assembly, she began her tenure in the Senate in 2016. As Senator for District 39, she represents the cities of San Diego, Coronado, Del Mar and Solana Beach. Website of President pro Tempore Toni G. Atkins: www.senate.ca.gov/Atkins