California Gov. Gavin Newsom and legislators on June 21 reached a budget deal which promises to keep in place current spending for K-12 schools and community colleges. This is good news for contractors looking for a post pandemic rebound in the form of school bond projects.
California Forward (CA Fwd), a non-profit organization advocating “prosperity across the state,” says there are approximately $34 billion in voter approved unsold bonds that should be expedited for shovel ready projects that are in the approval pipeline. “Of that, $24 billion sits in school, higher education and water resource related facilities,” said Fred Silva, director of public policy and Micah Weinberg, chief executive – both of CA Fwd – in a news release. “For example, K-14 school bonds already approved by voters can be used for school construction projects that are already in the queue.”