Senate Budget Committee Publishes 2012-13 Budget Overview

via the Democratic Caucus

Senator Leno and the Senate Budget and Fiscal Review Committee have released their detailed overview of the 2012-13 budget - also referred to as the "Budget Redbook". The document highlights the Governor's major proposals and provides additional information and a policy framework for the Senate's budget review. Coupled with further analyses by the Legislative Analyst's Office, the document will provide the basis for budget hearings throughout the spring.
   The Committee discusses that the Governor has identified a General Fund budget shortfall of $9.2 billion through the period ending June 30, 2013. Of that shortfall, $4.1 billion is attributed to 2011-12 and $5.1 billion is attributed to 2012-13. The Committee also outlines the Governor's proposed $10.3 billion in cuts and revenues, and the $1.1 billion reserve. The proposed budget includes revised expenditures in the current year of $86.5 billion General Fund and projects expenditures of $92.6 billion General Fund in 2012-13. To provide some context, the Committee shares that state budget expenditures peaked in 2007-08 with expenditures of about $103 billion General Fund.
   The Overview is organized by topic areas covered by each of the five Budget Subcommittees and includes an appendix with Department of Finance lists itemizing all of the Governor's proposed budget solutions, as well as a working timeline for completing the 2012-13 budget and a staff assignments list of budget committee consultants.