OCBC Commends Gov. Brown’s Priorities on Caltrans Oversight, Education in May Revise
Last Thursday, Gov. Brown released the May Revision of the California budget, which reduced the forecasted $5.8 billion revenue shortfall in January to $3.3 billion -primarily based on higher capital gains. Nevertheless, this continues to mark the most constrained budget since 2012 with many cuts from the January budget remaining. In this May Revision, OCBC commends the Governor’s priority to increase oversight of Caltrans – which was a direct response to the passage of SB 1 and an important contingency for OCBC’s endorsement of the bill. SB 1 was a major transportation funding package that returned the gas tax’s purchasing power to 1994 levels and provides $54 billion in new funding over the next decade. The proposed budget now reflects the first $2.8 billion of new funding to focus on “fix-it-first” investments to repair neighborhood roads and state highways; investments in trade and commute corridors to support continued economic growth and implement sustainable freight strategies; match locally generated funds for high-priority transportation projects; and invest in passenger rail and public transit modernization and improvement. OCBC also commends Gov. Brown prioritizing implementation of the Local Control Funding Formula to 97 percent completion, as well as the budget priorities to increase contributions to the state’s Rainy Day Fund. CLICK HERE to read more about the May Revision.