Pass: 4,831,045 / 69.1% Yes votes ...... 2,158,004 / 30.9% No votes

See Also: Index of all Propositions

Summary Prepared by the State Attorney General:

• Requires annual transfer of 1.5% of general fund revenues to state budget stabilization account.
• Requires additional transfer of personal capital gains tax revenues exceeding 8% of general fund revenues to budget stabilization account and, under certain conditions, a dedicated K+14 school reserve fund.
• Requires that half the budget stabilization account revenues be used to repay state debts and unfunded liabilities.
• Allows limited use of funds in case of emergency or if there is a state budget deficit.
• Caps budget stabilization account at 10% of general fund revenues, directs remainder to infrastructure.

Fiscal Impact from the Legislative Analyst:

• Long-term state savings from faster payment of existing debts.
• Different levels of state budget reserves, depending on economy and decisions by elected officials.
• Smaller local reserves for some school districts.

Meaning of Voting Yes/No

A YES vote on this measure means:

Existing state debts likely would be paid faster. There would be new rules for state budget reserves. Local school district budget reserves would be capped in some years.

A NO vote on this measure means:

Rules for payment of state debts, state budget reserves, and local school district reserves would not change.

• Official Election Web Site
• Full Text
• Impartial Analysis from the Legislative Analyst

Summary of Arguments FOR Proposition 2:

Proposition 2 establishes a STRONG RAINY DAY FUND in the State Constitution that will force the Legislature and Governor to save money and pay down debts, which will shield TAXPAYERS from UNNECESSARY TAX INCREASES and PROTECT SCHOOLS from devastating cuts. BOTH Democrats and Republicans SUPPORT Proposition 2.

Summary of Arguments AGAINST Proposition 2:

Vote NO on 2 to PROTECT SCHOOLS. Proposition 2 hides a DANGEROUS financial time bomb that will LIMIT districts' ability to save. Proposition 2 helps to keep California ranked 50th in the nation in per pupil spending. Don't trust Sacramento. Get facts from parents, not politicians at http://www.2BadForKids.org.

Contact FOR Proposition 2:

Tom Willis
Yes on Proposition 2
2355 Broadway #407
Oakland, CA 94612
(510) 210-5001
Info@CaliforniaRainyDayFund.com
http://www.CaliforniaRainyDayFund.com

Contact AGAINST Proposition 2:

Educate Our State
6114 La Salle Avenue, #441
Oakland, CA 94610
(510) 500-5147
2BadForKids@EducateOurState.org
http://www.2BadForKids.org

Secretary of State

• Official Results - includes results by county

VotersEdge

• Funding Summary for Prop 2 - the most complete information: everything on this page plus funding, news articles, endorsements, ads. From MapLight and the Smart Voter team of LWV California Education Fund
• Cal-Access - Details of committee campaign finance filings submitted to the Secretary of State.

League of Women Voters

• Video Explanation of Prop 2 - Produced by the League of Women Voters of California Education Fund. (4 minutes)
• Watch a 4-minute Video about Prop 2
• Easy Voter Guide - An overview of proposition 2. Guide is available in PDF for printing
• Pros and Cons of Prop 2 - Read more detail about proposition 2
• In Depth of Prop 2 - Even more detail!!
• How to Evaluate Ballot Measures

Pros & Cons: Santa Clara County

• Pros & Cons Presentations
• Video Presentation by the League of Women Voters of Palo Alto

• Oct. 27, 7:00 to 9:00 pm, Fremont Main Library, 2400 Stevenson Blvd., Fremont

KQED Public Radio

• Forum with Michael Krasny - 9/25, 28 min. Discussion and listener call-in
• News Report - 10/22

• Election Guide - see a summary, statement of what the proposition does, and the "inside scoop" by correspondent John Myers for each proposition
• Proposition 2 Coverage