Cap-and-Trade revenues loan proposal

By CMTA Staff

Capitol Update, May 16, 2013 Share this on FacebookTweet thisEmail this to a friend

The Governor proposes to loan $500 million cap and trade revenue to the general fund for the 2013/14 budget. Previously he planned to use revenues to offset general fund spending for certain programs that would qualify as an emission reduction strategy under AB 32. Now the monies will help bolster the rainy day fund for the General fund, earning interest for a year, and be available for appropriation and expenditure in the 2014/15 budget.

Environmental groups are pushing back on this proposal. They argue that funds are needed this year for emission reductions and that a loan to the general fund sends the wrong message about our level of commitment to AB 32.

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