Governor Brown has called a special session of the Legislature to replace the Rainy Day Fund on the November ballot with a dedicated reserve that would allow the state to pay down its debts and unfunded liabilities.
In 2010, the Legislature approved the proposal on the November 2014 ballot – ACA 4 – for the consideration of the voters. However, that proposal does not address the volatility of capital gains revenue, does not provide a reserve for schools to help cushion future downturns and constrains the state’s ability to pay down long-term liabilities.
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