Sacramento CA— On Wednesday, the non-partisan Legislative Analyst’s Office (LAO) released its fiscal forecast for the 2019-20 budget year which predicts that California will have a significant surplus of $15 billion by June 30, 2020.
Senate Republican Leader Patricia Bates: “Republicans advocated for the creation of a Rainy Day Fund and we are pleased that it has worked as anticipated. While California is in a better position to handle a minor economic downturn, we should continue to be cautious given economic uncertainties and the significant number of wildfires and other natural disasters that California has and continues to face.
Senate Budget Committee Vice Chair Jim Nielsen: “This potential $15 billion tax surplus should be used to provide relief for residents impacted by California’s wildfires. We must invest in our community’s recovery efforts and the prevention of future catastrophic wildfires.”