In this report, we analyze the Governor's two main 2014-15 budget proposals for the Commission on Teacher Credentialing (CTC). The Governor proposes to allow CTC to transfer revenue from its test fee account to its primary budget account to help cover cash shortfalls midyear. The Governor also proposes to expand CTC's fee authority by allowing it to begin charging fees for the regular activities it undertakes in accrediting existing teacher preparation programs. Although the Governor's proposal to allow 60-day fund transfers among accounts would provide some cash relief, we recommend the Legislature instead consolidate CTC's revenues into a single, combined account. We also recommend the Legislature work with the administration and CTC to refine budget documents such that fee revenues can be more easily linked with associated expenditures. Additionally, we recommend the Legislature adopt the Governor's proposal to expand accreditation fees, as it is consistent with prior state actions that aim to keep CTC self-supporting. We are concerned, however, that the Governor's proposal does not make any changes to CTC's current costly, labor-intensive accreditation process. We recommend the Legislature require CTC to streamline its process to ensure (1) teacher preparation program standards are clear, concise, and aligned to state academic content standards; (2) accreditation incorporates data on program outcomes; and (3) accreditation is self-supporting.