Much of the report, unfortunately, is devoted to the arcane subject of defining the problem which the news media sometimes misleadingly call the "deficit." For reasons we needn't go into here, that issue is largely irrelevant to good policy making and just contributes to confusion.
From the UC point of view, there is a glaring omission in the LAO's comments. The governor is deviating from the compact's "guarantee" to UC. He calls it a deferral, but whatever it is, it is a violation of the compact. Hopefully, when the LAO gets around to more detailed comments, it will go into that issue.
You can find the report at https://lao.ca.gov/reports/2024/4825/2024-25-Overview-Governors-Budget-011324.pdf.
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