A major miscalculation in revenue forecasting allowed Gavin Newsom to boast of a California budget surplus that never actually materialized.
a commentary forum aiming to broaden our understanding of the state and spotlight Californians directly impacted by policy or its absence. Learn morethat Gov. Gavin Newsom released last week contains hundreds of spending reductions and other actions to close what he says is a $44.9 billion deficit.
The new budget takes a stab at answering the question, basically saying that revenues fell well short of projections. “The total difference across the four fiscal years is a negative $165.1 billion,” the new budget declares.
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