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May 9, 2024 · Gov. Gavin Newsom is scheduled to present his revised budget proposal on Friday, including plans to fill a gaping deficit. Here are a few things we’ll be looking for during his presentation: 1 ...
May 10, 2024 · SACRAMENTO – Governor Gavin Newsom today released a May Revision proposal for the 2024-25 fiscal year that ensures the budget is balanced over the next two fiscal years by tightening the state’s belt and stabilizing spending following the tumultuous COVID-19 pandemic, all while preserving key ongoing investments.
2 days ago · Introduction. Governor Gavin Newsom released a summary of the May Revision to his proposed 2024-25 California state budget on May 10, projecting a $44.9 billion shortfall, or $27.6 billion shortfall, when taking into account early budget action taken by the legislature in April to reduce the shortfall by $17.3 billion.
- Introduction
- Budget Overview
- Health
- Homelessness & Housing
- Economic Security
- Education
- Workforce & Other Proposals
- Governor’s Updated Economic Forecast Assumes Slow Growth But No Recession
- Revised Budget Downgrades Revenue Estimates, Includes No New Tax Proposals
- Revised Budget Sustains Major Behavioral Health Initiatives
Governor Gavin Newsom released the May Revision to his proposed 2023-24 California state budget on May 12, projecting a $31.5 billion shortfall, up from a projected $22.5 billion shortfall in January. The administration proposes to resolve the shortfall through a series of spending reductions, trigger cuts, and delays or deferrals of spending autho...
Economic Outlook: Governor’s Updated Economic Forecast Assumes Slow Growth but No RecessionRevenue: Revised Budget Downgrades Revenue Estimates, Includes No New Tax ProposalsReserves: May Revision Mostly Maintains State’s Reserves, but Draws Down Safety Net ReserveCoverage, Affordability & Access: Governor Maintains Commitment to Expand Medi-Cal to All Undocumented CaliforniansBehavioral Health: Revised Budget Sustains Major Behavioral Health InitiativesPublic Health: May Revision Maintains Public Health Infrastructure Investment, Restores Funding to Rebuild WorkforceHomelessness: Proposal Keeps Previous Homelessness Commitments but Lacks Ongoing FundingHousing: May Revise Proposes No New Investments for Affordable Housing ProductionRefundable Tax Credits: May Revision Makes No New Investments in Tax Credits for Low-Income CaliforniansCalWORKs: No Significant Investments in CalWORKs Despite Safety Net Reserve WithdrawalFood Assistance: Governor Proposes Investments in Anti-Hunger Programs, but More Is NeededSSI/SSP: Governor Maintains Increase to SSP, but Falls Short of Prior CommitmentsEarly Learning & Pre-K: Governor Continues to Focus Investments in Transitional KindergartenProposition 98: K-14 Education’s Minimum Funding Level Drops Due to Lower Revenue EstimatesK-12 Education: Revised Budget Funds a Large Cost-of-Living Adjustment for K-12 EducationCommunity Colleges: The Revised Spending Plan Reduces Several One-Time Investments for Community CollegesWorkforce Development: Governor Reverses Some Workforce Cuts Proposed in JanuaryCalKIDS: May Revise Makes Modest Adjustments to CalKids ProposalBroadband & Digital Divide: Revised Spending Plan Maintains Delays for Broadband Infrastructure ProjectsState Corrections: May Revision Does Not Propose or Plan for Additional Prison ClosuresThe governor’s May Revision highlights several risks to the economic outlook — including the federal debt ceiling standoff, high interest rates, bank failures, and tech sector layoffs — but does not anticipate a recession. The forecast assumes nationwide economic growth to be slow but positive through most of 2023, then to recover to more normal ra...
The governor’s January budget proposal projected a $29.5 billion shortfall in state General Fund revenue relative to the estimates in the enacted 2022 budget. Since then, revenue collections have come in even lower than anticipated, reflecting weaker stock market performance and inflation-adjusted wage growth. Due to the weaker revenue collections ...
Behavioral health services — mental health care and/or treatment for substance use — are primarily provided by California’s 58 counties, with funding from the state and federal governments. These services support millions of Californians who cope with mental illness or substance use disorders. Unfortunately, many Californians experience barriers to...
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May 6, 2024 · As Governor Newsom prepares to unveil his updated 2024-25 California state budget proposal — commonly referred to as the May Revision or May Revise — we anticipate new insights into the state’s economic forecast and revenue projections. The revised proposal will delineate the governor’s strategy for navigating the substantial deficit ...
May 8, 2024 · Dennis Noone. Gov. Gavin Newsom is scheduled to unveil his revised budget proposal Friday morning for fiscal year 2024-25. The “May revise,” as it’s known, is the governor’s refined version of the proposal he published in January. Since then, the size of the state budget deficit has been in flux as state legislators and staffers have ...
May 12, 2023 · SACRAMENTO – Governor Gavin Newsom today released his May Revision proposal, a balanced budget plan that maintains critical investments to address our biggest challenges while preparing for continued economic uncertainty due to global economic issues. The Governor’s budget closes a projected $32 billion budget shortfall while protecting key ...
