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Increased Revenues Enable California to Pay Down Debt

Governor's proposed budget ups general-fund spending by 7 percent, but also increases pension contributions and creates "rainy-day" fund.

By Michael B. Marois, Bloomberg | Updated on May 13, 2014

California Governor Jerry Brown, buoyed by surging revenue from higher taxes and a recovering economy, boosted his proposed budget for the most populous U.S. state to $107.8 billion for the fiscal year that begins in July.

The plan would also begin erasing the $73.7 billion unfunded liability of the California State Teachers’ Retirement System, the second-biggest U.S. pension, by increasing annual contributions by the state, teachers, and school districts.

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