May Revision - May 12, 2014
May 12, 2014
I wanted to let you know that Governor Jerry Brown will release his proposed May Revision to the proposed 2014-15 State Budget tomorrow morning at 9 a.m. You can watch the press conference live atwww.calchannel.com.
The revision is expected to contain significant new revenues, as current year revenues currently outpace projections by $2.2 billion.
However, it is unclear how much will be attributed to the Proposition 98 guarantee and thus available to community colleges. We do know that the cost-of-living calculation changed a minuscule amount, revised downward from 0.86% to 0.85%.
Additionally, the revised spending plan comes on the heels of a deal between the governor and legislative leaders on a "Rainy Day" fund ballot measure to replace one already on the November ballot.
We will get you details on the May Revision tomorrow as they become available.