Following large surpluses in 2021-22 and 2022-23 due to higher than expected revenue and federal COVID relief funds, the state faced a projected deficit of $20.4 billion in 2024-25 following the May Revision.
The Governor released his proposed fiscal year 2022-23 budget on January 10, 2022. Following a deep deficit in 2020-21 as a result of the COVID-19 pandemic, General Fund revenues have rebounded more quickly than expected and have resulted in a large surplus for 2022-23.
Governor Newsom released his proposed budget for fiscal year 2021-22 on January 10, 2021 and released the May Revision to the proposed budget on May 14, 2021.
Governor Newsom released his proposed budget for fiscal year 2020-21 on January 10, 2020—several weeks in advance of the height of the COVID-19 pandemic and the statewide shelter-in-place order.
The state has a new Governor and a large budget surplus of over $22 billion in fiscal year (FY) 2019-20 due to higher-than-expected revenues and continued economic growth.
The challenge continues to have shifted from mitigating deep program cuts and tax increases to making choices that will keep California moving in a positive direction.
The challenge continues to have shifted from mitigating deep program cuts and tax increases to making choices that will keep California moving in a positive direction.
As Next 10 launches its annual update to the California Budget Challenge, the challenge has shifted from mitigating deep program cuts and tax increases to making choices that will keep California moving in a positive direction.
