This report analyzes the Governor's 2014-15 Proposition 98 budget proposals. The Governor’s 2014-15 budget includes $11.8 billion in Proposition 98 spending increases (attributable to 2012-13, 2013-14, and 2014-15). Of that amount, the Governor dedicates $6.7 billion to paying off outstanding one-time obligations and $5.1 billion for ongoing programmatic increases. We believe the Governor's plan is a reasonable mix of one-time and ongoing spending--eliminating the largest outstanding one-time obligation and significantly increasing ongoing programmatic support for schools and community colleges. The Governor's Proposition 98 wall of debt plan also includes a reasonable multiyear approach to paying off all outstanding school and community college obligations one year before the expiration of Proposition 30 revenues. Our report also analyzes the Governor's specific proposals for career technical education, student assessments, and independent study programs. Though we think these proposals generally have merit, we offer various recommendations for refining them.