"Final Review of 2007-2008 State Budget Act" by Assembly Budget Chair John Laird is our site of the day

Assembly Budget Committee Chair John Laird has just released the “Final Review of the 2007-2008 State Budget Act,” a 79 page document for the long Labor Day Weekend.

A synopsis of what is in the report:

“On August 24, 2007, Governor Schwarzenegger signed the budget bills (SB 77 and SB 78) and accompanying trailer bill legislation for the 2007-08 budget year. This ended a seven month process that saw over 150 committee hearings, months of negotiations, and numerous tough decisions.

The Assembly passed the budget package on July 20, 2007 and the Senate passed the budget package on August 21 after a lengthy holdout that resulted in a few minor changes. However, the Governor vetoed more than $700 from the General Fund (and nearly $700 million in special, bond, and federal funds), that reversed several key Legislative improvements to the budget.

In total, the budget signed into law contains $105.6 billion in available General Fund resources, $102.3 billion in General Fund expenditures, and a total available reserve of $4.1 billion (including $1.5 billion in the Budget Stabilization Account and $2.6 billion in the regular reserve).

At a time of economic uncertainty, this budget holds spending essentially flat, improves the out-year projected General Fund shortfall from what the Governor proposed in the May Revision, and provides what is believed to be the largest reserve in state history.

Perhaps more significant than what the budget is, is what the budget is not. This budget does not make new investments to improve education, this budget does not make significant improvements to health care access, and this budget does not use available public transit funds to improve and lower costs of services and to lower the state's dependence on greenhouse gas emission fuels.”

We may have closure on this year's budget--but this report should be kept in mind for the future--starting early for next year.

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