Next week Governor Jerry Brown will unveil his state budget proposal for the 2012/13 fiscal year.

Brown has already hinted that the plan will include a proposal to raise taxes – via ballot initiative – on the wealthiest Californians to bridge the state’s budget shortfall. If that initiative fails, it would likely result in another round of damaging budget cuts to vital state agencies including the CSU.

Other revenue-generating initiative proposals are also in the signature gathering stage.

The governor has vowed he'll spend much of 2012 campaigning for the initiative which, according to published reports, would boost income taxes on those earning at least $250,000 and raise levies on sales to 7.75 percent from 7.25 percent, to erase the state's $13 billion budget deficit.

CFA will issue further updates once the budget proposal is released.