SACRAMENTO – (INT) - Governor Brown is calling a special session of the Legislature to replace the Rainy Day Fund on the November ballot with a dedicated reserve that would allow the state to pay down its debts and unfunded liabilities.

Earlier, the Legislature approved the proposal for the November 2014 ballot. However, the Governor points out that proposal does not address the volatility of capital gains revenue. He is suggesting changes to the Rainy Day Fund to stabilize the state’s finances and to provide greater protection for schools.

The special session would convene April 24th.

Brown’s call comes as tax revenues pouring into Sacramento far exceed projections.

Story Date: April 20, 2014