Governor's proposed budget
Gov. Gavin Newsom's proposed budget is getting a concerned look from the Legislative Analyst's Office in a report that outlines deficit trends and over-reliance on what it called an "overheated" stock market for revenue.
Director of Finance Joe Stephenshaw described the budget, which includes a modest increase in spending from the prior year, as a "snapshot in time" ahead of the May Revision, when any number of factors could influence the budget. In the meantime, the proposal includes funding for several big-ticket IT projects.
What to Know
- Late last week, state lawmakers passed a slimmed-down $327 billion version of Gov. Gavin Newsom's proposed May budget.
- The state is working against a $12 billion budget shortfall, down significantly from the 2024-25 fiscal year shortfall that topped $46 billion.
- Lawmakers and the governor will now negotiate the finer points of the legislation ahead of a June 27 deadline.
Closing the state’s now $27.6 billion budget shortfall will sting no matter how fast the Band-Aid gets pulled off. Here’s what the most recent iteration of the governor’s proposed budget could mean for IT spending.
Those wishing to tune in to Newsom’s address may do so beginning at 11 a.m. by going to @CAgovernor on X (formerly Twitter), the “California Governor” Facebook page, or the governor’s YouTube channel.
Gov. Gavin Newsom’s proposed 2023-2024 Fiscal Year state budget would, however, fund two significant ongoing IT projects.
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