California Governor Jerry Brown’s May Budget Revision released last week includes a proposal to increase Cap and Trade expenditures by $1.245 Billion due to higher than anticipated AB 32 auction revenue. This proposed increase brings the total amount of Cap and Trade expenditures to $2.237 Billion, with the Transportation sector accounting for 72% of total funds. SB 375 related programs — including SGC’s Affordable Housing and Sustainable Communities Program ($400M), CalSTA’s Transit and Intercity Rail Capital Program ($265M), and the Low Carbon Transit Operations Program ($100M) — account for 35% of the total cap and trade expenditures. Additional proposals for transportation investments include CARB’s Low Carbon Transportation Program ($350M) and the High-Speed Rail Authority’s Project ($500M).
Details of the entire May Revise Summary can be viewed here:
Cap and Trade Resource Center
For an overview on how California’s cap and trade program works and a summary of 13 cap and trade funding programs, check out Policy in Motion’s “Cap & Trade 101” materials on-line at the Institute for Local Government’s website, download as a full brochure, and/or view as an Infographic!