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Every time we have a statewide election, there tend to be a few bond measures in there. Last November, one was the popular high speed rail bond that raised nearly $10 billion to whisk people from Los Angeles and San Fransisco in two hours, thirty-eight minutes. Most all agree, it's a good thing, but when it comes down to paying bonds back, it can run the state into fiscal problems such as we're facing today.
That whole "we'll figure out how to pay for it later" concept isn't working out too well these days considering the state's $20-plus billion budget deficit.
Enter Assembly Constitutional Amendment 3 (ACA 3) from local Democratic Assemblyman Paul Krekorian and Republican Assemblyman Sam Blakeslee of San Luis Obispo. If it becomes law, it would make any proposed ballot initiative that includes a $1 billion or more general obligation bond to have a financial plan behind it. That is, new taxes, increased fees or the reduction or elimination of programs instead of sitting on the state's ledgers for 30 years as it takes money away from current programs (like State Parks, you know?).
“The intent of this measure is not to micro-manage the budgetary process by including all measures, but to instead target a very specific type of initiative that create long-lasting budgetary problems,” said Krekorian in a statement. “ACA 3 will give voters a more informed picture of the budgetary implications inherent in their choices made at the ballot box.“
An assembly committee unanimously approved the amendment today and will next head to house's appropriations committee. If passes there, it will move to the Assembly floor seeking a two-thirds vote.
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Another idea that makes sense coming from Sacramento. I dont think I need to worry about making any apologies to our lawmakers any time soon, but I am impressed on the creative thinking that is just now starting to take place. They didnt go into it with the plan to ban ballot initiatives, but added the responsibility card to keep the yahoos in place. Can we do the same with education as well or will we have to wait on the federal gov't to fix that problem? (hint: remove tenure)
Interesting that this issue is considered a constitutional amendment requiring the approval of 2/3 of the assembly but Prop 8 wasn't.
BennyinSF: It requires 2/3rds of the assembly, not the general populace.
I think it sounds like a good idea, but I wonder if it isn't a runaround against that 2/3rds requirement. Some bonds do not require a 2/3rd vote, but if they are tied to a tax increase, I think they might be....
Part of the reason bonds got so popular is because it was so difficult to raise funds more directly (i.e., by raising taxes and fees) because of the 2/3rds threshold, not because bonds were the intelligent way to go about funding all these projects.
In many ways, California is not unlike a spoiled kid in a candy store with no sense of math and an unlimited credit card.
And a total flake.
So all sorts of money gets burned through with myriad needless studies and impact reports who's projects will only happen when hell actually freezes over.