Watch Governor Newsom’s state budget presentation here
January 10, 2023
SACRAMENTO – Governor Gavin Newsom today introduced a 2023-24 state budget proposal that maintains the state’s unprecedented investments in Californians while fortifying the state’s strong fiscal foundation amid economic and revenue uncertainties ahead.
Facing a projected a $22.5-billion budget deficit in the upcoming fiscal year, Gov. Newsom wants to reduce investments in the state’s move to zero-emission vehicles, make cuts to other climate change programs. The governor’s administration blamed high inflation, the Federal Reserve raising interest rates and volatility in the stock market as the major forces causing state revenue drop well below projections.
His $297-billion budget plan for 2023-24 relies on delaying multi-year investments and shifting funding to bonds to offset the shortfall.
2023-24 State Budget Fact Sheet
“With our state and nation facing economic headwinds, this budget keeps the state on solid economic footing while continuing to invest in Californians – including transformative funding to deliver on universal preschool, expand health care access to all and protect our communities,” said Governor Newsom. “In partnership with the Legislature, we’ll continue to prioritize the issues that matter most to Californians while building a strong fiscal foundation for the state’s future.”
Despite the slowdown impacting the state’s economic and revenue outlook he has included funding to transform education , address the homelessness crisis and housing affordability.
The full budget summary is available at www.ebudget.ca.gov.
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