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Friday, Governor Arnold Schwarzenegger disclosed the budget for 2010-11, seeking to close the gaping $19.9 billion deficit over the next 18 months by curtailing costs. Additionally, the Governor declared a fiscal emergency and said, "My budget proposal protects education and reprioritizes our funds, reducing taxpayer dollars going to prisons and keeping funding in classrooms. It's time to enact long-term reforms that will change the way the most populous state and the federal government work together," The Governor's 2010-11 budget keeps the same funding level for education as in the previous year, cuts the cost of gas by 5 cents per gallon. The budget proposes to bring down spending by $8.5 billion and seeks $4.5 billion in alternative funding and fund shifts. Schwarzenegger proposes to obtain $6.9 billion in federal funds to close the balance fiscal deficit.
The Governor proposed a 15% reduction in state personnel costs by modifying employee compensation and reducing our workforce budget in order to generate $1.4 billion in General Fund savings. Further, employees will be required to bear a 5% reduction in salaries.
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