BILL ANALYSIS �
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|SENATE RULES COMMITTEE | AB 108|
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THIRD READING
Bill No: AB 108
Author: Assembly Budget Committee
Amended: 3/14/11 in Senate
Vote: 27 - Urgency
PRIOR VOTES NOT RELEVANT
SUBJECT : Budget Act of 2010: Revisions
SOURCE : Author
DIGEST : This bill makes budgetary loans and transfers in
the 2010-11 fiscal year by amending the 2010 Budget Act.
Senate Floor Amendments of 3/14/11 delete the prior version
of the bill and insert the current provisions relating to
budgetary loans and transfers.
ANALYSIS : This bill amends the 2010 Budget Act to add
new budgetary loans and transfers from special funds to the
General Fund. In total, the amount directed to the General
Fund in this bill is $544.7 million. The loans must be
repaid as needed to support the activities of the related
programs.
Most of these loans were proposed by the Governor to
backfill for the revenue loss caused by the cancelation of
the sale-for-leaseback of 11 large state office buildings.
The sale of the state office buildings would have resulted
in higher ongoing lease costs, and carried an implied
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interest rate of approximately 10 percent. The special
fund loans will have a much lower interest cost - likely
under two percent.
This bill includes the Proposition 25 language that
identifies all the budget trailer bills.
The loans and transfers are as follows:
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This bill also provides the Department of Finance with
authority to provide up to $10 million to the Secretary of
State for its costs for the June 2011 statewide special
election.
FISCAL EFFECT : Appropriation: Yes Fiscal Com.: Yes
Local: No
DLW:mw 3/15/11 Senate Floor Analyses
SUPPORT/OPPOSITION: NONE RECEIVED
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