With regard to the 2014-15 budget, we project that if the Legislature adopts the Governor’s May Revision, the state would end 2014-15 with $3 billion in the state’s two budget reserves: the Budget Stabilization Account (BSA) established by Proposition 58 (2004) and the state’s traditional reserve, the Special Fund for Economic Uncertainties (SFEU). This total is roughly $850 million higher than the administration’s estimate for these reserves ($2.1 billion).
Read Study