Tighter Rainy Day Fund Protocols Approved By California Voters

69% of Californians voted to bolster their Rainy Day Fund. Governor Brown (D-CA) chaampioned the measure. that will require the state to move the following funds to the Rainy Day Fund:

• 1.5 percent of general-fund revenue each year; and
• capital-gains taxes that exceed 8 percent of the general fund. [Governing]