Brown Budget Damps California Spending Expectations
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California Governor Jerry Brown increased spending on education by $2.9 billion and projected that the state would have an $850 million surplus at the end of next year after voters boosted sales and income taxes.
While revenue in the current year is up $2.8 billion, next year it will be down $1.3 billion, compared with January projections, said Ana Matosantos, Brown’s finance director. The state Legislative Analyst’s Office had calculated the increase at $4.5 billion at the end of April.