On Thursday Gov. Jerry Brown signed into effect the 2014-15 California state budget. The $156 billion budget largely reflects California's recent economic progress, while staying true to the "Rainy Day Fund," as well as dedicating funds to California's drought protection measures.

The allotted $142 million for drought protection will go to firefighters and water management plants when in cases of serious drought emergencies.

Brown sounded optimistic about the new budget, claiming that it was essential that both parties signed off. 

Brown told reporters, "What this budget shows is balance, paying down debts, putting almost $10 billion into public schools, creating a rainy day fund and starting to really tie up and shore up the teachers' retirement fund."

The budget signing ceremony took place in San Diego, Assembly Speaker Toni Atkins' home district.

Atkins commented to a reporter, saying that, "No budget is perfect, and no one got everything that they wanted, but with this budget, that ensures stability and expands opportunity, we have a chance to put the great recession even further behind us."

In an election year the California budget is always a point of contention between parties. Former Treasury Department official, and Republican contender for California Governor, Neel Kashkari, says the budget is chalked full of mistakes.

Kashkari told reporters that the budget is a "giveaway for special interests paid for by working families despite the nation's highest poverty rate and a failing education system."

The infamous 'Train to Nowhere' was also a point of contention that Kashkari touched on, saying that there will be "higher gas prices for his pet 'High Speed Rail' project."

The High Speed Rail project is now estimated to cost around $68 billion and will require multiple streams of funding and public support if it is to be completed.

The California state budget is comprised of revenue estimates that give an idea of the amount of funds the government will have. Brown assures California's citizens that the estimates made from his office have been "conservative" and not far reaching.