This report summarizes the fiscal effect of the 1988 Budget Act (Chapter 313 - AB 224). In addition, it highlights the funding levels approved for the state's major programs in 1988-89, and compares these funding levels to those authorized in prior years. This report also discusses projected state revenues for 1988-89, including the key assumptions underlying the projections and revisions that have been made to them since the Governor's Budget was introduced in January. Finally, this report indicates how the 1988-89 Budget Act affects the state's position relative to its appropriations limit under Article XIII B of the State Constitution.