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Props 1 & 2 Pass: What Does this Mean for Business?

Props 1 & 2 Pass: What Does this Mean for Business?

Propositions 1 & 2 have passed in California

California business owners understand the importance of stashing money away and safeguarding resources for unforeseen downturns or dry spells. Proposition 1 & 2 in California are all about preparing for the future by allocating both money and resources into safe holding for a ‘rainy day’ or for a time, as experienced recently, when there’s no rain to be found.

Proposition 1 addresses the water shortage in the state by allowing officials to borrow $7.1 billion for water treatment and storage projects with possible funds going towards dams in the state, which would provide a more reliable water supply and allow development of lands in the state, spurring economic development.

Proposition 2 has been referred to as the rainy-day fund, as it requires policymakers to set aside at least 1.5 percent of the general fund each year for the any future economic downturn.  This preventative fund would direct half of financial reserves towards the rainy-day savings fund, and the other half towards paying down current debts and other long-term funding needs in times of fiscal emergency, further securing economic stability.

Small business owners are allocating their funds towards success using the venture capital ecosystem, while Propositions 1 & 2 are focused on fiscal responsibility of state funds and establishing preparedness measures in times of security, allowing California residents to enjoy the sunny times without worry.

Image Credit [Carlos Rojjas]

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