Blog readers will recall our recent posting noting that state revenue for the first two months of the current fiscal year came in below projections.* We noted that you could worry a bit about this development, although the very large state reserves provide a cushion against a budget crisis.
Sacramento observers are reporting that the governor has noted the lesser revenue and is justifying vetoes of bills as a result. From Capitol Public Radio:
A trend has emerged from a growing number of bills Governor Gavin Newsom is choosing to veto this September – and it’s based on a money problem. Nearly a dozen bills the governor has rejected in recent weeks include a letter cautioning lawmakers against spending unbudgeted funds. Some of those measures would have done things like provide free transit passes for students, limit preschool fees for low-income families, and create a pilot to fund outreach for behavioral health services to certain Medi-Cal patients. All laudable goals, the governor writes, but the cash isn’t there.
“With our state facing lower-than-expected revenues over the first few months of this fiscal year, it is important to remain disciplined when it comes to spending, particularly spending that is ongoing,” the governor repeats in a veto message attached to multiple bills...
Full story at https://www.capradio.org/180846.
So, just remember that you read about it here first.
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*http://uclafacultyassociation.blogspot.com/2022/09/want-to-worry-bit-but-not-too-much.html.
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https://ia601402.us.archive.org/25/items/big-ten/budget%20vetoes.mp3
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