Ballot measure would overhaul rainy day fund

SACRAMENTO, Calif. (AP) — California would revamp its little-used rainy day fund to pay down billions in pension obligations and other debt and to provide a larger cushion against future economic downturns under a measure voters will decide in November.

Lawmakers of both parties and Gov. Jerry Brown compromised last May to send Proposition 2 to voters. It’s a result of years of negotiations about how to address California’s volatile budgeting process, which features big spending during boom years and multibillion dollar deficits during recessions.