Opinion: California needs budget reform to make most of surpluses
There is even Biblical precedent for this common sense approach: Joseph got to be Pharaoh’s chief minister by storing up seven years’ grain surpluses to cover the seven years’ famine that followed.
What was not permitted was to send the extra money into a state rainy-day fund. That would count as an expenditure, and limiting expenditures was the whole purpose of the Gann Limit. However, some expenditures are profligate, and some are wise. California voters expressed support for fiscal prudence in a different initiative approved by in 2014, requiring 1.
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