On Thursday, legislation to place a Rainy Day Fund constitutional amendment on the November ballot received bipartisan approval. Assembly Constitutional Amendment 1 would transfer 1.5 percent of General Fund revenue into a reserve, along with capital gains revenue that exceeds 8 percent of General Fund taxes. One-half of the money would go to pay down debt. ACA 1 replaces Assembly Constitutional Amendment 4 on the November ballot, the previous proposal to strengthen the Rainy Day Fund adopted by the Legislature in 2010.
