January 24, 2024

The Governor recently released his Fiscal Year 2024-2025 Proposed Budget. With revised revenue predictions, the proposal estimated a $38B deficit (down from the $68B figure that the Legislative Analysts office had predicted). The spending gap is proposed to be closed through the use of reserves, expenditure and program delays, and spending cuts, including education, climate, and housing.

The Governor will release a revised plan in May after updated tax revenue numbers, and the Legislature has until June 15 to pass a balanced budget. The Chamber will be tracking this between now and the May Revise.