Circulating Cap
The initiative filed to place a formula cap on state spending can now be circulated with the summary and title below. As prior posts have noted, this initiative seems to have been filed as part of negotiations between Republican legislators and the governor regarding the state budget. It essentially rejuvenates the old Gann Limit concept that voters approved in the wake of Prop 13 but later gutted. Whether someone has the needed $1-$2 million to hire signature gathering firms is unknown. The governor said in his May revise oral presentation that he supports a cap. He did not specify the…