“We have a $31.5 billion challenge, which is well within the margin of expectation and well within our capacity to address,” Newsom said.ĭespite the growing shortfall, California’s overall budget is now expected to be $306 billion, including special funds, less than a 1% decline from a record $308 billion in the current fiscal year. Gavin Newsom announced Friday, though the governor downplayed the severity of its potential impact on critical government services and programs.ĭuring a press conference at the California Natural Resources Agency in downtown Sacramento, Newsom unveiled a revised spending plan that will rely on some additional fiscal moves - including shifting funding sources and internal borrowing - to address a projected $31.5 billion gap in the 2023-24 state budget.
How Californians late filing deadline is adding to uncertainty.
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