Legislative Analyst Praises Governor for Paying Down Wall of Debt
The nonpartisan Legislative Analyst’s Office – the legislature’s advisor on budget and other issues – has released the 2014-2015 edition of its Overview of the Governor’s Budget.
The LAO is noting that the governor’s proposed spending plan would continue to pay down the state’s wall of debt, including more than $6 billion in debt due to public education.
LAO Mac Taylor notes in the report that the proposal would bring schools more than $10 billion, including funding for the Local Control Funding Formula. It would also virtually zero out the state’s “deferrals,” money owed to schools under Proposition 98 from prior years.
CTA has commended the governor for the budget spending plan, which, supported by Proposition 30 revenues and an improving economy, would boost school funding significantly. At the same time, CTA is closely reviewing the proposed budget.
CTA looks forward to working with the governor and other stakeholders on finalizing a state budget and on maintaining the stability of the state teachers’ retirement system (CalSTRS).