California Gov. Gavin Newsom will update his budget proposal on Friday, and the news likely won't be good.
California Gov. Gavin Newsom discusses his budget proposal, Wednesday, Jan. 10, 2024, in Sacramento, Calif. Newsom will release his updated budget proposal on Friday, May 10, 2024.
State officials needed a big rebound in tax collections to improve things, but it hasn't happened. Through the end of April, state tax collections from its three biggest sources — personal income, corporations and sales — dropped more than $6 billion below the previous estimate.That means the deficit has likely gotten larger, and Newsom will have to propose more ways to fix it.
“We still have a shortfall. We will manage it and we’ll manage it, yes, without general tax increases,” Newsom said on Wednesday during an event held by the California Chamber of Commerce. “We’re not just going to try to solve for this year. I want to solve for next year. I think it’s too important. We have got to be more disciplined.”
If lawmakers and Newsom get revenue projections wrong and the state takes in less than they thought, there's a shortfall. And unlike the federal government, the California Constitution requires the state to have a balanced budget.Last year, their predictions were way off after a series of destructive storms in January 2023 prompted lengthy delays in tax filing deadlines. Instead of filing their taxes in April, most Californians could wait until November.
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