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CA ACA10
CA
Status
Failed
11/30/2016
Primary Sponsor
Melissa Melendez
Click for details
AI Summary
- Increases the annual transfer requirement to the Budget Stabilization Account from 1.5% to 3% of estimated General Fund revenues for each fiscal year beginning in 2015-16
- Raises the maximum allowable balance of the Budget Stabilization Account from 10% to 15% of estimated General Fund proceeds of taxes for each fiscal year
- Requires the Department of Finance to provide detailed estimates to the Legislature regarding General Fund revenues, capital gains taxes, and funding obligations under Section 8
- For fiscal years 2015-16 through 2029-30, directs 50% of transfers to the Budget Stabilization Account and allows the remaining 50% to be appropriated for unfunded liabilities, pension obligations, and other specified purposes
- Requires a two-thirds vote of both legislative houses for approval and submission to California voters as a constitutional amendment
Legislative Description
Budget Stabilization Account.
Last Action
Died at Desk.
11/30/2016
Full Bill Text
No bill text available