ⓘ 2004 California Proposition 58

                                     

ⓘ 2004 California Proposition 58

Proposition 58 was a California ballot proposition on the March 2, 2004 ballot. It passed with 4.535.084 votes in favor and 1.841.138 against. It was officially called the California Balanced Budget Act. It requires the state legislature to pass a balanced budget every year, which means that budgeted recurrent expenditure, including repayment of past debt, does not exceed estimated revenue. The act does not require that capital works programs be funded out of current revenues. The California Constitution has always allowed bond issues for specified capital works, above a certain value. Bond measures must be approved by a statewide ballot.

The act provides for the establishment of a reserve Fund called the budget stabilization account in the event of future financial problems. It also prevented the creation of future bonds to pay off the deficit in the supply 57, the California economic recovery of the securities act. Offer 58 came into force only because the 57 proposal also passed.

Offers 57 and 58 were the basis for the plan Governor Arnold Schwarzeneggers to solve the budget problems of California. Schwarzenegger campaigned heavily for the passage of both proposals.

While prop 58 was to ensure balanced budgets of the CA deficit continued in subsequent years, increases over time.

                                     
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