Cannella Issues Statement on Passage of Rainy Day Fund Legislation

Thursday, May 15, 2014

Senator Anthony Cannella (R-Ceres) today issued the following statement regarding the passage of ACAX2-1, which would provide a new rainy day fund in the state budget:

“California has long deserved a strong rainy day fund to protect from the fluctuations our state budget can encounter. The roller coaster we have witnessed over the past decade is proof positive that we cannot simply increase our spending in good years. It is unwise to take new revenue and use it on ongoing programs when funding could dry up the following year, forcing programs to be slashed.

“I am proud to coauthor this new legislation which will provide our state with a more stable budget. With the failed attempts at a true rainy day fund in the past, this is a strong bipartisan package that will truly provide what Californians deserve. Hopefully it also puts an end to borrowing and budget gimmicks that the state has relied on in the past.”