Our Campaigns - CA Proposition 58 - California Balanced Budget Act Race

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CA Proposition 58 - California Balanced Budget Act

RACE DETAILS

Parents

> United States > California > Propositions > 2004 Referendums > Balanced Budget Act

Office

Referendum

Honorific

Referendum - Abbr:

Type

Referendum

Filing Deadline

December 30, 2003 - 03:00pm Central

Polls Open

March 02, 2004 - 09:00am Central

Polls Close

March 02, 2004 - 10:00pm Central

Term Start

January 20, 2005 - 12:00pm

Term End

January 20, 9999 - 12:00pm

Turnout

37.21% Registered 16.48% Total Population

Contributor

User 13

Last Modified

Jason August 23, 2010 11:20pm

Data Sources

California Secretary of State
[Link]

Description

The California Balanced Budget Act.

* Requires enactment of a balanced budget where General Fund expenditures do not exceed estimated General Fund revenues.
* Allows the Governor to proclaim a fiscal emergency in specified circumstances, and submit proposed legislation to address the fiscal emergency.
* Requires the Legislature to stop other action and act on legislation proposed to address the emergency.
* Establishes a budget reserve.
* Provides that the California Economic Recovery Bond Act is for a single object or work.
* Prohibits any future deficit bonds.

Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:

* Unknown net state fiscal effects, which will vary year by year and depend in part on actions of future Legislatures.
* Reserve provisions may smooth state spending, with reductions during economic expansions and increases during downturns.
* Balanced budget and debt limitation provisions could result in more immediate actions to correct budgetary shortfalls.

PRIMARY/OTHER SCHEDULE