Budget Update: May Revise Changes to Wildfire Funding
This Informational release provided by: MCWRA Lobbyist Reeb Government Relations, Raquel Ayala, J.D. raquelayala@comcast.net
- $8.8 billion from reserve accounts (about 16% of the solution). This includes:
- Pulling down the rainy day reserve by $7.8 billion in FY 2020-21, $5.4 billion in FY 2021-22, and $2.9 billion dollars in FY 2022-23.
- $900 million dollars from the Safety Net Reserve ($450 million to be used in FY 2020-21 and $450 million in FY 2021-22).
- $524 million from the Prop 98 guarantee reserve.
- $8.2 billion from the Federal Cares Act (about 15% of the solution)
- Withdrawal of the vast majority of new programs proposed in January budget (about 15% of the solution)
- Borrowing from special funds and deferral of payments (about 19% of the solution)
- Budget Cuts (about 26% of the solution). In his press conference the Governor said these cuts will come with a caveat: Passage of the Federal New Heroes Act will automatically eliminate these cuts.
- Revenue: Tightening up of Net Operating Losses and Tax Credits (about 8% of the solution)