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California to Post $851 Million Budget Surplus, Brown Says

California is poised to end its next fiscal year with an $851 million surplus, the first in more than a decade, Governor Jerry Brown said as he unveiled a budget that includes revenue from voter-approved tax increases.

Brown’s spending plan assumes the state will receive more revenue from the elimination of redevelopment agencies than the independent Legislative Analyst’s Office projected in November when it forecast a $1.9 billion shortfall. Brown also expects to slow repayment of internal borrowing from special funds.