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Governor Releases Proposed Budget

The Governor's budget and the related budget development and approval process are topics that we follow very closely, as they greatly impact our own budgets. On Jan. 10, Governor Newson released his State budget proposal. Click here to view.

California's budget development and approval process will continue through budget adoption (prior to June 30). The budget proposal will be reviewed and considered by both houses of the State legislature. Click here for more information about California's budget process. 

One particularly notable provision of the budget proposal that could provide pension relief to districts across the State:

To provide relief to local educational agencies and community colleges for the rising costs of CalSTRS pensions now and in the future, the Budget proposes a $3 billion one-time non-Proposition 98 General Fund payment to CalSTRS to reduce long-term liabilities for employers. Of this amount, a total of $700 million would be provided to buy down the employer contribution rates in 2019-20 and 2020-21. Based on current assumptions, employer contributions would decrease from 18.13 percent to 17.1 percent in 2019-20 and from 19.1 percent to 18.1 percent in 2020-21. The remaining $2.3 billion would be paid toward the employers’ long-term unfunded liability. Overall, the payment is expected to save employers $6.9 billion over the next three decades, with an estimated reduction in the out-year contribution rate of approximately half a percentage point. This investment will free up local dollars for investment in education, or to match the state's commitment to pay down pension liabilities. (page 35)

The Marin County Office of Education is hosting a School Funding Forum on Feb. 4 from 4-6 pm at MCOE to share a full review of the Governor’s spending plan related to education. We will have SRCS representatives attend and the event is open to the public.