This report summarizes the fiscal effect of the 1987 Budget Act (SB 152). In addition, it highlights the funding levels approved for the state's major programs in 1987-88, and compares these funding levels to those authorized in prior years. This report also discusses estimated state revenues for 1987-88, and the sensitivity of these estimates to varying assumptions about the effects of federal tax reform on General Fund revenues. Finally, this report indicates how the 1987-88 Budget Act affects the state's position relative to its appropriations limit underArticle XIII B of the State Constitution.