SACRAMENTO (AP) — Gov. Jerry Brown has signed California’s $108 billion budget for the coming fiscal year that pays down debt, builds a rainy day fund and provides additional money for schools and health care.

Brown held a signing ceremony Friday in San Diego. He says in a statement that the on-time budget “provides for today and saves for the future.”

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The new budget is the highest general fund spending plan in state history. It is built on temporary tax increases and surging stock market revenue.

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The Democratic governor allowed new spending for the priorities of Democratic lawmakers, including welfare expansion and preschool for 4-year-olds from low-income families.

Republicans called the budget a mixed bag. They praised the use of a more conservative revenue projection but criticized its spending increases for permanent programs.

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