Governor’s Budget Proposal Includes Billions in New Spending

Gov. Jerry Brown on Thursday detailed his plans to continue nursing California back to financial health, emphasizing the need to carefully guard the surplus revenue generated by the recovering economy.

jerrybrownbudget

Gov. Jerry Brown, pictured here after voters approved tax hikes in November 2012, is introduced his new budget proposal on Thursday. (Rich Pedroncelli / November 7, 2012)

The governor, during a Thursday morning press conference at the┬áCapitol, said he wants to repay $11 billion of the state’s debt and stash $1.6 billion in a reserve fund.

“For this year, there’s very good news. Good news in the fiscal stability and resources available for the state of California,” Brown said, “but also cautionary warnings that, by no means, are we out of the wilderness.”

Brown views the extra money as an opportunity to catch up on some of the state’s other outstanding obligations, which include chipping in $815 million for overdue maintenance at parks, schools, roads and other public facilities.

Click here to read the full L.A. Times story.