SB 1035 Summary

• Amends the Budget Act of 2012 by revising appropriations for Items 0820-011-8071, 2660-401, and 5180-101-0001, and repealing Item 3500-403.

• Reduces loan transfer from National Mortgage Special Deposit Fund to General Fund from $100 million to $50 million, with repayment required by June 30, 2014.

• Modifies transportation fund loan repayment schedule, reducing State Highway Account loan from $150 million to $50 million and extending repayment deadline from June 30, 2014 to June 30, 2016.

• Reduces Department of Social Services local assistance appropriation by approximately $99.5 million, from $987.1 million to $887.6 million, affecting CalWORKs program funding.

• Takes effect immediately as a budget bill only if Assembly Bill 1464 or Senate Bill 1004 is enacted as the Budget Act of 2012.