California governor Jerry Brown.
NEW YORK (CNNMoney) -- California's budget woes have come home to roost for the state's politicians.
California's Citizens Compensation Commission, an independent government body, voted Thursday to cut the pay of the governor and state legislators by 5%. The move follows a budget proposal by the state's governor, Jerry Brown, that would cut the salaries of state workers by 5% in the coming fiscal year.
With the reduction, the governor's annual salary will drop from $173,987 to $165,702. For rank-and-file lawmakers, salaries will fall from $95,291 to $90,750.
A spokeswoman for Brown said the governor had no problem with the decision, and would have been willing to have his salary cut by more.
The cuts will save less than $700,000 a year, just a drop in the bucket when it comes to closing California's massive deficit. The state faces a budget shortfall of $16 billion that must be closed by July.
In addition to the pay cuts for state workers, Brown's budget would also reduce court funding by $300 million and overhaul the corrections system, saving $2.5 billion over the next two years. Overall, it would slash spending by $8.3 billion, hitting almost every part of the state's government.
|US Airways won't fire worker who sent lewd tweet|
|Canadians arrest a Heartbleed hacker|
|Google stock sinks as mobile struggles continue|
|5 people you might not tip (but should)|
|Toyota's frumpy Camry gets a New York make-over|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.41%||4.44%|
|15 yr fixed||3.33%||3.31%|
|30 yr refi||4.39%||4.41%|
|15 yr refi||3.31%||3.30%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||Aug 28|
|Consumer confidence||Aug 28|
|Manufacturing (ISM)||Sept 4|
|Inflation (CPI)||Sept 14|
|Retail sales||Sept 14|