CA AB146

Repeals Section 42127.01 of the Education Code, which prohibited school districts from maintaining combined assigned or unassigned ending fund balances exceeding 2-3 times the minimum recommended reserve for economic uncertainties

Eliminates provisions that allowed county superintendents to grant exemptions to the reserve balance limits for up to 2 consecutive fiscal years if school districts documented extraordinary fiscal circumstances

Takes effect immediately as an urgency statute to ensure repeal occurs before the November 4, 2014, statewide general election

Requires a 2/3 vote for passage