Legislators release budget draft

The California state senate released details of the 2011 budget today, which lawmakers will vote to finalize on Thursday.

The proposal is 98 days late, as it was supposed to be finalized 100 days before it would be voted on.

It proposes that the state’s current $19-billion deficit be reduced with $5 billion from the federal government as a bailout, $3 billion taken from the school system, $1.5 billion from state employee salaries and other cost-cutting measures.

The $3 billion less to schools is also an accounting move, the LA Times reported, as half of the money will have to be paid off next year.

Although the bill does not propose any new taxes, it would get rid of a current a tax break, bringing in $1.2 billion more next year.

The proposed budget also increases the “rainy day fund” that that state can use for emergency deficits, from 5 percent of general revenue brought in to 10 percent.