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Governor Brown Calls Special Session for Rainy Day Fund

Governor Brown Calls Special Session for Rainy Day Fund

Governor Brown wants to revamp the state's rainy day fund and use more of it to pay down our debt.

Brown wants to replace a proposal on the November ballot with something he says is both stronger and more flexible.

Instead of locking away a portion of state revenue each year, he wants to siphon off spikes in capital gains taxes and give lawmakers a choice: put it into savings or toward future problems.

"Pension liabilities, the teachers retirement system, retiree health, deferred maintenance on our infrastructure," State Finance Director Michael Cohen said. 

Brown will need Republican support now that Democrats have lost their super majority in criminal investigations.

GOP members say we need a fund, they'll negotiate, but this need to be a lock box not a piggy bank.

 

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