California budget receives strong grades on forecasting and reserves practices, but the state falls short on pensions
December 12, 2018
The Volcker Alliance released its second annual report comparing state budgeting practices across all 50 U.S. states. The report, Truth and Integrity in State Budgeting: Preventing the Next Fiscal Crisis, grades states on a scale of A to D- across five categories that measure their ability to maintain balanced and sustainable budgets.
As research partners of the Volcker Alliance, researchers at the Berkeley Institute for the Future of Young Americans (BIFYA) tracked California budgeting practices and found that the state is a strong performer in four of five budgeting categories, but continues to be weak in budgeting for legacy costs, specifically, pensions and retiree health care.
The Berkeley Institute for the Future of Young Americans (BIFYA) promotes high quality scholarship to explore policy choices, communicates with policy makers and politicians to help ensure informed policy decisions, and educates the next generation of leaders so that they have the tools necessary to enact social change.
The Berkeley Institute for the Future of Young Americans seeks to make national, state, and local policy sustainable and fair across generations. The Institute's mission is to promote high-quality, non-partisan research with the aim of advancing the following broader goals:
- Generate a fact-based, non-partisan discussion at a national level regarding current budget issues facing our country and how best to invest in future generations.
- Develop sensible, research-driven policy proposals to equip stakeholders with the solutions needed to address these challenges.
- Promote bold leadership among Millennials in order to encourage civic engagement and ensure their generation’s long-term security and success.