Gov. Jerry Brown today released his proposed budget for the fiscal year 2012-13, which allocates $2.6 billion in funding for the University of California.
The university will receive a $90 million increase in state funding from the current year if the proposed budget is passed by the state legislature by June 15. The funding can be allocated toward the UC’s cash-strapped retirement program, according to the budget proposal.
On top of that, the UC will also receive $5.2 million toward benefits for retirees, according to the proposal.
This marks a move by the state to resume contributions to the UC Retirement Plan after a 20-year hiatus, Patrick Lenz, UC vice president of budget and capital resources, said in a statement.
The proposed budget, however, relies on taxpayers to pass Brown’s tax measure in November. The tax measure would raise taxes on high income earners, generating about about $7 billion in extra revenue for the state’s education and public safety programs.
If the tax measure fails to pass, the UC will face an additional $200 million cut, according to the governor’s budget summary.
“If California doesn’t get a balanced budget, there could be an additional round of trigger cuts to various programs ““ including education,” Brown said in a press conference.
In the statement, Lenz applauded the funding increase.
“It appears the governor is moving in the right direction after cuts totaling $750 million this year alone,” Lenz said.
But he added that it is only the first step toward the passage of the budget. He also said UC leadership plans to work with the governor and legislature to develop a long-term funding plan.
Compiled by Emily Suh, Bruin contributor.