LOS ANGELES – Councilmember Bob Blumenfield made the following statement following the release today of the 2014-2015 California Fiscal Outlook in which the Legislative Analyst’s Office projects a $5.6 billion reserve at the end of 2014-2015:

"When I was sworn in as a freshman legislator in December 2008, the State faced a looming fiscal emergency and a state deficit of $40 billion.

Today's outlook validates the approach we took when I chaired the Assembly Budget Committee, and I'm very proud of the work we did to get California's financial health to this point."

Gov. Jerry Brown hands then-Assemblymember Bob Blumenfield the pen with which he signed the budget on June 27, 2013. Also attending the signing ceremony are Assembly Speaker John Pérez (left), state Senate President Pro Tem Darrell Steinberg and state Sen. Mark Leno, D-San Francisco. Photo: Rich Pedroncelli, Associated Press

As chair of the Assembly Budget Committee, Blumenfield oversaw the shaping of a state spending plan in 2013 that marked a new beginning for California and was the third-consecutive balanced budget passed on-time, a feat not seen since the mid 1980’s. Blumenfield currently sits on the City’s Budget and Finance Committee.

While in the Legislature, Councilmember Blumenfield authored more than 54 bills which have since been signed in to state law. These bills not only stabilized the budget, but improved the environment, increased access to technology in schools, and form the foundation of his ongoing efforts to improve the quality of life in the San Fernando Valley and Los Angeles.