Riding a wave of new tax revenue, California’s spending plan for the coming fiscal year will rise by 7 percent, a powerful indication that the state that came to symbolize fiscal mismanagement during the heart of the recession is emerging into brighter days.
Gov. Jerry Brown on Thursday proposed a $97.6 billion general fund budget for the 2013-14 fiscal year that wipes out years of deficits and even includes a modest surplus.
The additional revenue hiked the spending plan by $6.3 billion over the current year and helps the governor pour more money into public schools and universities.
The state’s budget shortfall stood at $25 billion when Brown took office two years ago.
Read more at CBS Sacramento