The Brown administration said Wednesday that local property tax revenue from the last budget year did not come in high enough to trigger an additional $100 million in funding for state colleges and universities.
The announcement, contained in a brief letter to lawmakers, resolves a compromise that came out of disagreement between Gov. Jerry Brown and legislative leaders about how optimistic to be in their revenue estimates. The final budget promised $50 million each to the University of California and California State University systems for deferred maintenance projects if property taxes exceeded administration estimates.
The budget agreement would have provided smaller amounts to address deferred maintenance in other areas, including state parks.
The Department of Finance on Wednesday put local property taxes from the 2013-14 budget year for K-12 schools at about $12.9 billion, about $73 million less than anticipated.
Finance officials said earlier this week that overall revenue for the last budget year came in $389 million above forecasts.
Assembly Speaker Toni Atkins, D-San Diego, said in a prepared statement that with overall revenue running ahead of Brown’s estimates, lawmakers will introduce legislation in August to provide additional money to the UC and CSU systems.
“We are disappointed property tax revenues did not exceed projections,” she said in the statement. “However, with General Fund revenues ending 2013-14 nearly $400 million above projections, the Assembly will introduce legislation in August to fund UC and CSU at the level we had hoped for when we passed the budget last month.”
Editor’s note: This post was updated at 3:25 p.m. to specify property tax estimates were for K-12 schools.