Gov. Jerry Brown signs budget of more than $122 billion - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Gov. Jerry Brown signs budget of more than $122 billion

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SACRAMENTO, Calif. (AP) - Gov. Jerry Brown has signed a state budget that uses a slice of California's revenue surplus to boost assistance for the poor and send more money to universities but keeps other new ongoing spending commitments to a minimum.

Brown signed the $122.5 billion spending plan Monday.

In negotiating with Democratic legislative leaders, Brown secured a commitment to boost the state's rainy day fund, pay down debts and use cash instead of debt for building maintenance and construction.

Using billions for one-time purposes is a victory for the Democratic governor, who warns repeatedly that California's current budget surpluses are based largely on capital gains income of wealthy taxpayers. He says that revenue will plummet during economic difficulties, forcing the state to take back services approved during the boom times.

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