On June 30, Governor Wilson signed the 1993 Budget Act and various companion measures that, together, comprise the 1993-94 budget package. These measures authorize total state spending of $52.1 billion, consisting of $38.5 billion from the General Fund, $12.1 billion from special funds, and $1.5 billion from bond funds. Compared with 1992-93, total state spending will decrease by $5.5 billion, or 9.6 percent. General Fund spending declines by $2.6 billion and spending from bond funds declines by $3.2 billion, while special fund spending increases slightly by $220 million. A major feature of the budget package is the adoption of the Governor’s proposal to shift $2.6 billion of property tax revenues from local governments to schools. This shift reduces the state’s education funding requirement under Proposition 98 by an equivalent amount.