The California State Assembly approved the 2018-19 budget, balanced for the eighth consecutive year.

The $200 billion budget was finalized after months of committee hearings and discussions.

Assemblyman Richard Bloom (D-Santa Monica) served as the chair of the Assembly Budget Subcommittee on Resources and Transportation and as an Assembly conferee on the Budget Conference Committee, which negotiates items that conflict between the Senate and Assembly budgets.

This year’s budget fills the Proposition 2 Rainy Day fund to its constitutional maximum level of $13.8 billion and creates two new reserve accounts to protect the state in the event of a future economic downturn.

In addition to bolstering reserves, the budget features significant investments in higher education, poverty reduction and homeless programs, all of which have been Assembly priorities this year.

“The 2018-19 budget tackles some of California’s most pressing challenges, including poverty and homelessness, while also investing in education and prudently setting aside billions in reserves,” Bloom said. “The budget includes record funding for schools and community colleges, and over $600 million in increased funding for UC and CSU, a significant portion of which will be used to support increased enrollment.”