California transit agencies say that they need $5 billion over five years in order to stave off signifcant cuts to service. Governor Gavin Newsom has denied the request, while the State Senate has This market will resolve to YES if the California legislature passes a budget for the coming year with at least $2.5 billion for transit operations (not capital projects).
The legislature must pass a budget by 2023-06-15 to keep getting paid; a final budget must be passed by the legislature and signed by the governor by 2023-07-01. This market will close on 2023-07-01 with No if no budget has been passed by then.
More background:
https://calmatters.org/politics/2023/05/california-public-transit/
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Wary that I might be misunderstanding something, but best I can tell it passed with only the $1.1B explicitly as operating funds
https://www.sfchronicle.com/bayarea/article/transit-funding-california-bart-18157160.php
The current budget proposal that the legislature passed on June 15 restores $2B in capital funds, which can be transferred to operations funding, and adds $1.1B over 3 years in operating funds. Legislature leaders are negotiating with Governor Gavin Newsom and a final budget is expected to pass by July 1.
If the current proposed budget is passed as-is, I will consider this to resolve to NO, because the restored $2B was principally for capital funds, and $1.1B was specifically earmarked for transit operating funds.
There are some follow-on possibilities like budget trailer bills (deadline October 14) and the possibility to move federal highway funds to transit. In the meantime I'll consider what the budget has allocated.
I will update this resolution date to July 1 to reflect the final date that the budget can be passed.
https://www.sfchronicle.com/bayarea/article/california-1-1-billion-bailout-bart-bay-area-18147147.php
