New But Late 2008-2009 California Budget Enacted

85 days late and not solving budget making problems, Governor Schwarzenegger signs the $103.4 billion spending plan.

September 24, 2008 |

The good news for the infrastructure construction industry is that transportation funds are intact at $13 + billion this year. After last minute cuts by the Governor, California’s $103.4 billion general fund budget is only $68 million above last year's $103.3 billion spending. The record $15.2 billion deficit has been closed but next year’s budget is expected to also show a shortfall.

At a news conference after the signing, the Governor said, "I think that we have a historic budget reform in place. We did a $12.5 billion rainy day fund that we start now accumulating. But what is wrong is to drag out the budget process for three months; and what is also wrong is to not be able to go and resolve and solve the most important issue, which is the structural deficit."

The 2008-2009 budget partisan dogfight was one for the record, lasting nearly three months. Republicans and Democrats agreed to at least provide a "rainy-day fund" the Governor asked for. He had threatened to veto hundreds of bills awaiting his signature if not. The newly enacted budget can be viewed at www.ebudget.ca.gov/

 

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