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SACRAMENTO, Calif. (AP) -- Gov. Arnold Schwarzenegger will propose borrowing against future state lottery revenue to help close a $15.2 billion budget deficit in the next fiscal year.
Administration officials told The Associated Press that the governor on Wednesday will propose raising $15 billion over the next three years by selling bonds based on anticipated lottery revenues and using about $5.1 billion in the 2008-08 fiscal year to help erase the deficit.
The other $10 billion would be left in a rainy day fund the governor wants to create as part of a budget reform proposal to ease the effect of revenue fluctuations from year-to-year.
Both the lottery plan, which would let the lottery pay out more in prizes in hopes of attracting additional revenue, and the budget reform proposal would require approval from voters on the November ballot.
The governor's spending plan will also avoid having to suspend the minimum school-funding guarantee, Proposition 98.
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