Governor to release update to record spending plan

Governor Jerry Brown
Governor Jerry Brown
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Updated: 5/12/2014 11:05 pm

SACRAMENTO, Calif. (AP) — Gov. Jerry Brown is getting ready to update his spending plan for the coming fiscal year, a budget that is bolstered by California's economic turnaround and voter-approved tax hikes.

Revenue is running ahead of expectations by more than $2 billion, but the Democratic governor is expected to press lawmakers Tuesday to maintain fiscal restraint.

Brown is expected to emphasize the need to pay down tens of billions of dollars in debt and long-term liabilities.

California's general fund is expected to reach a record high, likely exceeding $107 billion. The expected surplus is a stark turn-around from the days of multibillion dollar shortfalls, state worker furloughs and state-issued IOUs.

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