(SACRAMENTO) – Assemblymember Tim Grayson (D-Concord) issued the following statement in response to today’s release of the May Revision to the Governor’s 2018-19 State Budget.
“I welcome the news that California's budget will have $8 billion more than the January projections, but we owe it to the citizens of our state to make sure we are still being fiscally responsible. The Governor’s proposal to invest in critical infrastructure, catch up on billions of dollars in deferred maintenance at our universities and courthouses, and increase spending on social services for homelessness, mental illness and other health care coverage should make a noticeable impact in our communities,” Assemblymember Grayson stated.
Highlighting the importance of the need to build reserves in case of future economic downturns Grayson continued, “While I applaud the Governor’s focus on savings, independent analysis has shown that we will need $20 billion to weather just a mild recession. Even with the Governor’s proposal, we are still billions short, which is why I’ve joined with my colleagues in the Assembly to call for the creation of a third savings account with $2.5 billion in funding, which would bring us closer to the minimum amounts we would need to get through such a recession. To not fund this account now when we have the resources would be irresponsible and a disservice to future generations.”
Assembly Bill 1740 is the legislation introduced by Assemblymember Grayson and eight of his colleagues that proposes a third budget savings account for the Legislature to utilize during economic downturns without tying up funds for infrastructure expenditures.
Tim Grayson represents the 14th Assembly District that includes the communities of Benicia, Concord, Clayton, Martinez, Pleasant Hill, Vallejo, Pittsburg and Walnut Creek. For more information please visit the Assemblymember’s website, www.assembly.ca.gov/a14.