California’s finances are in a “decidedly positive” position, evidence of continued progress after the state emerged from a damaging recession years ago, legislative analysts said in a new report Wednesday.
By the summer of 2017, the analysts said, the state could have $7.2 billion socked away in a rainy-day fund.
“The state is enjoying very good fiscal health right now,” said Mac Taylor, the top analyst, in an interview. “It can still withstand certain negative economic situations in the future.”
The cash stockpile is the result of Proposition 2, which voters approved one year ago. The measure...