HomeMy WebLinkAbout016-04RESOLUTION NO. 16-2004
ENDORSING PROPOSITION 58, THE CALIFORNIA BALANCED BUDGET ACT
WHEREAS, California has experienced major budget difficulties in recent years and the
state has carried over large deficits and engaged in a significant amount of borrowing; and
WHEREAS, the California State Budget faces another major shortfall in 2004-05; and has a
variety of other obligations, such as deferrals and loans from special funds, that are
outstanding at this time; and
WHEREAS, Proposition 58 requires enactment of a balanced budget where General Fund
expenditures do not exceed estimated General Fund revenues; and
WHEREAS, Proposition 58 allows the Governor to proclaim a fiscal emergency in specified
circumstances and submit proposed legislation to address the fiscal emergency; and
WHEREAS, Proposition 58 requires the Legislature to stop other action and act on
legislation proposed to address the emergency; and
WHEREAS, PropOsition 58 establishes a budget reserve called the Budget Stabilization
Account in the state's General Fund; and
WHEREAS, Proposition 58 provides that the California Economic Recovery Bond Act is
for the one-time funding of the accumulated state budget deficit and other obligations; and
WHEREAS, Proposition 58 prohibits any future deficit bonds; now, therefore be it
RESOLVED, that the Town of Danville supports the passage of Proposition 58, the
California Balanced Budget Act, and encourages Danville voters to approve this
proposition on March 2, 2004.
APPROVED by the Danville Town Council at a regular meeting on February 17, 2004, by
the following vote:
AYES: Arnerich,
NOES: None
ABSTAINED: None
ABSENT: None
Doyle, Andersen,
,,-~-~APPROVED AS TO~.._O~ ~:
CITY ATTORNEY
ATTEST:
CITY CLERK