California's revenues are continuing to come in above projections.

The Legislative Analyst's Office says December's tax collections were $1.6 billion which is 20% more than expected.  

Governor Jerry Brown will release his annual budget plan at the Capitol on Thursday (pushed forward from Friday).

He's set to propose some major steps toward reducing the state's long-term debt in that budget.  The Sacramento Bee is reporting that Brown wants to reduce the debt by more than $11 billion next year and fully eliminate it by 2017.

He will also apparently push for $6 billion in deferred payments to schools and a $1.6 billion rainy day fund.  Brown calls for "fiscal restraint," saying "economic expansions do not last forever."

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