The governor's May Revise budget is out. At the macro level, the state is running a deficit this year which - when you add up the draw down of the various reserves associated with the general fund (GF) - is around $13 billion The projection for next year is a deficit of just under $19 billion. The state got a lot of capital gains related to past stock market rise. A repeat is not expected for the coming fiscal year.
Source: https://ebudget.ca.gov/FullBudgetSummary.pdf and https://ebudget.ca.gov/2024-25/pdf/Enacted/BudgetSummary/SummaryCharts.pdf to get estimates of reserves as of June 30, 2024. The latter numbers may not be the latest estimates, but they are what is available.
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What about UC and the various "deferrals" of what was supposed to be paid under the "compact" with the governor that were proposed back in January? They seem to be still there in May. As we have pointed out, promises for next year are not in the hands of the governor. They are in the hands of a future legislature. The governor said in his May Revise budget news conference that he really, really means to deliver on the deferrals next year. We will see.
You can see the May Revise news conference at:
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