Budget Update
This morning Gov. Jerry Brown held a press conference in the Capitol to unveil his budget proposal for the upcoming fiscal year, which includes $131.7 billion in General Funding spending and — with proposed special fund and bond proceed allocations — totals $190.3 billion.
In his final budget presentation, Gov. Jerry Brown specifically addressed questions by reporters pertaining to the California Rule — the judicial precedent established in 1955 that has hampered the state and local governments’ ability to make any prospective modifications to public employee pension formulas. This “rule” is often cited as a limitation on state and local agency efforts to modify public pension programs in an effort to reduce their cost.