On August 21, 2007, the Legislature passed the 2007-08 Budget Bill, along with implementing legislation. The Governor signed the budget on August 24, after using his line item veto authority to reduce General Fund appropriations by $703 million. The budget package authorizes total General Fund spending of $102.3 billion, essentially the same as revenues. Based on the 2007-08 budget plan’s policies, however, the state would once again face operating shortfalls of more than $5 billion in both 2008-09 and 2009-10. This is because many of the solutions enacted in the budget plan are of a one-time nature.
[PDF] Major Features of the 2008 California Budget (Not Published in 2008)Handout Apr 24, 2008
[PDF] A Budget UpdateReport Oct 15, 2007
California Spending Plan 2007-08: The Budget Act and Related Legislation