Prop. 2, which will appear on the November 4, 2014 statewide ballot, would amend the state Constitution to substantially revise the rules for the state’s existing rainy day fund, require state policymakers to pay down certain state liabilities each year for 15 years, and create a new state budget reserve for K-12 schools and community colleges. This Issue Brief provides an overview of this ballot measure and the policy issues it raises. The California Budget & Policy Center neither supports nor opposes Prop. 2. [Note: California voters overwhelmingly approved Prop. 2, with 69.1% supporting the measure and 30.9% opposed.]
Note: This post was updated in April 2020.