California voters decisively passed a measure to overhaul the state's rainy day fund.
The measure will pay down more debt and provide a bigger buffer against future state budget shortfalls.
Proposition 2 was favored by about 71 percent of voters shortly after polls closed Tuesday.
The measure is the result of years of negotiations to address California's volatile budgeting, which typically means high spending during boom years and large deficits during recessions.
Voters first approved a rainy day fund in 2004, before the recession devastated the state budget.
Democrats led by Gov. Jerry Brown put a different version before voters.
The new measure would require the state to save 1.5 percent of its annual revenues, up to 10 percent of the state's general fund.
