California Gov. Gavin Newsom Signs Budget To Close 46.8B Budget Deficit Ny Breaking News

California Budget 2025 Deficit Reduction Act. California's budget deficit has grown to 32 BILLION YouTube Box 419064, Rancho Cordova, CA 95741-9064 TO: RECIPIENTS OF THE DCSS 2025-26 GOVERNOR'S BUDGET • $59,000 decrease for the Deficit Reduction Act- Mandatory Fees.

The governor's proposal projects $16.5 billion in additional revenue compared to estimates from last June and would draw down $7.1 billion in reserves. The June 2024 budget package committed to a total of $28 billion in budget solutions for 2025‑26, which included, $12 billion in spending‑related solutions and nearly $16 billion in all other solutions, including $5.5 billion in temporary revenue increases and a $7 billion withdrawal from the state's rainy day fund, the Budget Stabilization Account (BSA).

California Budget 2024 Deficit Reduction Act Deva Muffin

"I look forward to working with new and returning members of the Legislature on a final 2025-26 budget that assures California a strong economic future well into the 21st century." In its November 2024 report, the California Legislative Analyst's Office (LAO) projected a "roughly balanced" budget with a $2 billion shortfall for 2025-2026. Update (1/16/25): A set of tables detailing various solutions and proposals has been appended to the online version of this report On January 10, 2025, Governor Newsom's administration presented its proposed state budget to the California Legislature

Fiscal Deficit Budget 2024 Erica Stephie. Source: California Department of Finance, Schedule 9 at 2025-26 Governor's Budget (January 2025) Note: Reflects federal funds the state is projected to receive in 2025-26 for TK-12 schools and related public education purposes, estimated as of the governor's proposed 2025-26 budget This increase is mainly due to growth in - personal income tax ($12.6 billiones ) from higher than projected wage growth in high-

California State Budget 2024 Vin Merridie. significantly since the 2024 Budget Act forecast and as a result, General Fund revenue is anticipated to e $16.5 billion b higher (2.7 percentage higher than assumed at the 2024 Budget Act over 2023-24 through 202526) Governor Gavin Newsom released his proposed 2025-26 California state budget on January 10, projecting a small positive balance of $363 million after two years of state budget deficits