California Enacts Changes to State Rainy Day Fund - NBC Bay Area
Decision 2014

Decision 2014

NEWS, INFORMATION AND RESOURCES FOR THE NOV. 4 CALIFORNIA ELECTION

California Enacts Changes to State Rainy Day Fund

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    NEWSLETTERS

    NBC Bay Area's Janelle Wang shows the latest results for the six statewide propositions on the November ballot. (Published Tuesday, Nov. 4, 2014)

    California will overhaul its rainy day fund to pay down more debt and provide a bigger buffer against future state budget shortfalls under a measure approved by voters.

    About 71 percent of voters supported Proposition 2 Tuesday.

    The measure is the result of years of negotiations to address California's volatile budgeting, which typically means high spending during boom years and large deficits during recessions.

    Voters first approved a rainy day fund in 2004, before the recession devastated the state budget. Former Gov. Arnold Schwarzenegger and lawmakers negotiated an overhaul during the 2010 budget crisis, but Democrats led by Gov. Jerry Brown put a different version before voters Tuesday.

    PROPOSITION 2 RAINY DAY FUND

    PROPOSITION 2 RAINY DAY FUND

    100% ReportingNov 8, 9:43 AM
    YES

    3432204

    69%
    NO

    1561972

    31%
    More Results »

    The new measure will require the state to save 1.5 percent of its annual revenues, up to 10 percent of the state's general fund.

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