Budget Stabilization Account – California Globe

Governor Newsom Declares State Budget Emergency to Use Rainy Day Funds

June 26, 2020 2:05 amJune 25, 2020 8:13 pm

On Thursday, Governor Gavin Newsom declared a state budget emergency to use emergency “rainy day” funds for the 2020-2021 budget and to help bridge the $54.3 billion deficit gap. The rainy day funds were opened up to help pay for...

California’s Balanced Budget Requirement

June 12, 2020 7:09 amJune 12, 2020 7:16 am

Does California have to adopt a “balanced budget”? The short answer is yes. But there are several interesting aspects to this requirement. Existing provisions of the California Constitution were interpreted to require a balanced budget. For example, Article IV, Section...