On Tuesday, November 4, California voters will make decisions on a water bond issue along with 5 other statewide propositions. The Libertarian Party of California has made recommendations on 5 of the ballot issues:
Proposition 1 Water Bond for $7.12 Billion
Authorizes the state to issue bonds for projects related to water supply and infrastructure. $2.7 billion of these funds will be dedicated to water storage projects, dams and reservoirs. Additional funds will be dedicated to activities including flood management, contamination reduction and environmental protection.
It will take 40 years to pay off these bonds, and with interest and bond expenses, the total cost of the bill will likely be closer to $15 billion. Water projects are best managed and financed by local water boards. We recommend a NO vote.
Proposition 2 State Budget Stabilization
Would require 3% of state General Fund revenue be deposited in a “rainy day” fund, and allows up to 10% of revenue be deposited in this account. The measure would allow the rainy day funds to be spent only in the event of a drop in annual revenue below the preceding year, adjusted for population and inflation, or in a declared emergency.
Most features in this measure will lead to more fiscal responsibility; however, the requirement for school districts to reduce reserves will make schools more dependent on state government funding. We prefer local control of education. We recommend a NO vote.
To see the positions of the Libertarian Party of California on these and the remaining ballot propositions, go to http://calibertarianreport.com/2014/10/30/libertarian-party-on-the-california-propositions/
Or see the LPC website @ http://ca.lp.org/resources