California: Revised budget increases funding for school districts and community colleges, a credit positive

Source: Helen Cregger, Eric Hoffmann, Leonard Jones, Moody’s, Sector Comment, Public K-12 school districts and community colleges, May 22, 2019
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On May 9, California Governor Gavin Newsom released a revised version of the state’s fiscal 2020 budget, which includes a substantial increase in minimum funding levels for K-12 public schools and community college districts, a credit positive. The new budget also benefits K-12 schools with the state agreeing to kick in added funds to help school districts with pension payments to the California State Teachers’ Retirement System….