Tag: Budget Deficit
Analysis: May Budget Revision Released
Governor Newsom announced his strategy to address an estimated $27.6 billion deficit for the upcoming budget year, and a $28.4 billion projected deficit for...
California Finance Director Projects Slow Economic Growth; No New General Tax Increases Planned to Cover Budget Shortfall
California is expected to see slow but steady revenue growth in the 2024–2025 fiscal year, requiring state leaders to cover a $37.8 billion budget...
Governor Proposes Belt-Tightening Budget Approach with No General Tax Hikes
It’s a problem, but not a crisis.
The state budget proposed by Governor Gavin Newsom would maintain the trajectory of state spending without major disruptions...
State Budget Deficits Tagged at $68 Billion; Revenue Estimate May Worsen Next Year
California’s famously volatile tax machine has delivered another dose of unpredictability.
Prudent Budget Proposal Keeps Key Commitments, No Tax Hikes
Governor Gavin Newsom released his revised budget on May 12, revealing a larger revenue shortfall, higher estimated safety net spending, but even so not...
Senate Democrats Propose Higher Taxes on Businesses
California Senate Democrats this week unveiled a proposal that would increase taxes on California businesses to compensate for budget shortfalls. If passed, certain businesses...
State Expects to Receive Surplus Revenue, But Sees Deficits on the Horizon
Despite enjoying a record $34 billion budget surplus and prudent reserves from burgeoning but one-time tax revenues, California budget officials expect to see fiscal...
Governor Lays Out Plan for Solving Record State Budget Deficit
Governor Gavin Newsom has proposed solving a record budget deficit by tapping reserves, borrowing money from special funds, deferring spending and raising some targeted...
