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.
