Budget Tomorrow

Governor Newsom - under the state constitution - must provide his budget proposal for fiscal year 2024-25 by January 10. There is no sign of him doing so today so it has to be tomorrow.

If we look at past history, Newsom, unlike prior governors, will basically recite the budget with the help of charts, perhaps going on for an hour and a half. Prior governors made a relatively short overview presentation before turning the podium over to the budget director for more detailed information.

Keep in mind that what will be presented is a proposal. It is up to the legislature to enact a budget and it won't do so until June. Also keep in mind that words such as "deficit," "surplus," and "balance" have elastic use in California budget-speak.

Also expected tomorrow: The state controller will release data on cash receipts for the current year through December.