Governor Outlines Plan for California’s Surplus

Pointing to the state’s large pension liabilities, bond costs and other expenses, the governor, a Democrat, described the state’s surplus as “rather modest” in an opening letter addressed to the legislature, according to a copy of the budget posted on the Sacramento Bee’s website. He didn’t give the surplus total in the letter. The state Legislative Analyst’s Office in November predicted a roughly $4.7 billion surplus by June 30.