California 2014 budget revised down to $96.4 billion
SACRAMENTO, Calif. May 14 (Reuters) - California has revised down its 2014 general fund budget to $96.4 billion under a plan unveiled on Tuesday by Governor Jerry Brown despite a surge in revenue that is expected to go mostly to schools.
In budget documents distributed ahead of the presentation, the reserves were revised up to $1.1 billion from $1.0 billion in the initial January draft.
In recent years, California has made significant progress in breaking with its longstanding tradition of budget deficits.
In his initial budget plan in January, Brown proposed a $97.7 billion general fund and said revenue from voter-approved tax increases and spending cuts over the previous two years would leave California with a $851 million surplus in its next fiscal year.