Prohibiting local districts from building a savings account,
“Are You Kidding Me?”
SACRAMENTO, CA – Assemblyman Jones (R-Santee) today announced he has co-authored legislation repealing the cap on local school district budget reserves, which went into effect when Californians voted to create a Rainy Day Fund, requiring the state to save money each year, in November 2014. Governor Brown and Legislative Democrats passed Assembly Bill 1522 last session capping how much a local school district can save; however, with the caveat that it only go into effect should the voters approve the Rainy Day Fund.
“I support lifting the cap on how much a school district can save so they can create a budget that works for them,” said Assemblyman Jones. “Allowing a district to set aside money is wise because it helps them guard against financial uncertainty in the future, protect against emergency repairs, and save for technology upgrades.”
Assemblyman Jones has co-authored AB 1048 (Baker), which repeals the cap on school budget reserves.