LOS ANGELES — The entire California legislature voted Friday to approve the $115.4 billion budget compromise struck between the governor and legislative leaders earlier in the week.
"California's economy is thriving and this budget supports continued economic growth for our communities and our families," said Assemblymember Marc Levine, a Democrat who represents San Rafael.
State Controller Betty Yee lauded state lawmakers for reaching a deal on a budget that pays down California's debts and sets aside emergency funds to gird for future dips in the economy.
"By delivering a timely, balanced budget, the governor and legislature will allow us to start the fiscal year in good standing," Yee said.
The budget adds $1.9 billion to the Rainy Day Fund, bringing its balance to $3.5 billion, Yee said.
Once Yee receives projected cash flows based on the new Budget Act from the Governor's Department of Finance, the controller's team will perform its own analysis to determine if a revenue anticipation note is needed to meet California's 2015-16 fiscal obligations, Yee said.
State Treasurer John Chiang said last week, based on cash flows, the state doesn't need to issue a RAN.
