Bakersfield College’s financial future is stabilizing due to approved Propositions 57 and 58.

“We are in a situation right now where it is absolutely essential that we refinance the current state debt,” said Vice President of Student Learning Ken Meier, who personally supported the propositions. “This is an opportunity like refinancing your house to consolidate the state debt at a lower interest rate.”

Both measures were approved by California voters during the Tuesday election.

Proposition 57 allows the state to take out an Economic Recovery Bond of up to $15 billion to pay the general fund deficit. Proposition 58 would ensure that the money spent by the state will not exceed the estimated general fund revenues.

For Meier, the bottom line is making sure that everyone is able to obtain a higher education.

“I really do think that additional budget cutting would seriously undermine the quality of our education and make it much more difficult for students to find access to the college,” he said.

Meier supported the propositions because it seemed to be the best option. If the propositions had failed, “I’m absolutely certain that the governor will have to give us a new budget proposal that will force the state to cut its services by 25 percent. The community colleges would absorb huge cuts,” he said.

The Associated Students of Bakersfield College also supported 57 and 58. ASBC President Dominick Martin said the propositions’ failure to pass would have hurt BC.

With the current financial strain, Martin is pleased about the approval of the propositions.

“I think every student should support it,” Martin said.

If the propositions had failed, “The money the college needs to sustain it would be very limited budgetwise. It would take away so many classes.”