California has a multibillion-dollar budget deficit. Here’s what you ...

May 11, 2024 · California has a multibillion-dollar budget deficit that could force Democratic leaders to end a number of safety net programs and permanently cut 10,000 vacant state jobs. …

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How California's $98 Billion Surplus Became A $31-plus Billion …

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Oct 25, 2023 · Seventeen months ago, while unveiling a much-revised 2022-23 state budget, Gov. Gavin Newsom bragged of having a $97.5 billion surplus to expand health care, social …

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2024 California Budget Whiplash Caused By Volatile Taxes

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Jun 12, 2023 · When budget season arrived in 2022, state lawmakers enjoyed the excitement and possibilities over how to spend a record $97.5 billion budget surplus, a shocking figure coming …

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What California’s Massive Budget Surplus Could Mean

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Apr 29, 2022 · Atkins and Skinner also want to put a huge chunk of that surplus, $8.1 billion, toward building up the state’s budget reserves to a total of $43 billion, which would protect …

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California Budget Surplus Is Big Enough To Give Every Resident

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Feb 3, 2022 · California budget surplus is big enough to give every resident $1,100 stimulus check, state lawmaker says ... that means California’s $45 billion surplus is taxes over …

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California Has A Multibillion-dollar Budget Deficit. Here's What You ...

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May 10, 2024 · California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. …

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With $76B Surplus, California Proposes Rebates For Millions

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May 11, 2021 · The budget surplus puts Newsom in a prime political position, said Eric Schickler, a political science professor at the University of California, Berkeley. It’s a better position when …

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California’s Budget Surplus Has Exploded To $68B - POLITICO

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Apr 28, 2022 · Californians could receive billions in tax rebates later this year as the state’s budget surplus continues to explode. ... Cal program for undocumented residents, with the …

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After A $100 Billion Surplus, California Now Faces A $73 Billion …

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Mar 26, 2024 · After A $100 Billion Surplus, California Now Faces A $73 Billion Budget Deficit. Last month, California’s Legislative Analyst’s Office, or LAO, which is the nonpartisan state …

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Newsom Will Use Big Budget Surplus To Address California's …

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Jan 17, 2022 · With a new goal of ensuring 70% of working-age adults receive some type of college credential by 2030 — up from 52% in 2019, according to one measure — Newsom’s …

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Column: California Is Projected To Have Another Big Budget Surplus ...

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Nov 22, 2021 · The actual state budget surplus could range from $60 billion down to $10 billion, he reported. The $31-billion projection, however, “is more than reasonable,” says state finance …

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Newsom Hails Unprecedented $97.5 Billion California Budget Surplus

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May 13, 2022 · California’s budget boom is so large that the governor must contend with a 1979 spending cap that requires Sacramento to divvy some of the surpluses between taxpayer …

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How Should California Spend Its Big Budget Surplus?

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Nov 22, 2021 · It means, the Legislature’s budget analyst, Gabe Petek, said last week, that the 2022-23 budget could have a $31 billion surplus — so much that it will collide with the state’s …

calmatters.org

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Governor Projects $46 Billion Surplus Despite Record California …

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Jan 11, 2022 · Boosted by federal pandemic aid and capital gains taxes paid by wealthy Californians as the stock market soared, the budget represents a 9.1% increase over the …

timesofsandiego.com

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How One Obvious Mistake Created California’s Budget Crisis

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May 21, 2024 · California’s budget went from an assumed $98 billion surplus, in which there was so much cash in state coffers that Gov. Gavin Newsom was giving away $50,000 to randomly …

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FAQs about California has a multibillion-dollar budget deficit. Here’s what you ... Coupon?

What's behind California's budget surplus?

The projected $75.7 billion budget surplus is largely due to taxes paid by rich Californians who generally did well during the pandemic, and marks a major turnaround after officials last year said they feared a deficit of more than $50 billion. ...

How much of California's budget surplus will go into reserve funds?

CORRECTION: An earlier version of this report misstated how much of the budget surplus California State Senate leaders want to put into the state’s reserve funds. It is about $8 billion. ...

Does California have a budget surplus or a deficit?

In putting together a California budget, legislators pay attention to the end-of-the-year balance — the difference between expenses and available tax revenue and the previous year's ending cash on hand. The state has a budget surplus when the difference is positive and a deficit when it's negative. ...

Does California have a budget problem?

SACRAMENTO, Calif. (AP) — California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. This is the second year in a row the nation’s most populous state is facing a multibillion-dollar shortfall. ...

What is California's budget deficit?

Now, Newsom says the remaining deficit is $27.6 billion (AP Photo/Rich Pedroncelli) SACRAMENTO, Calif. (AP) — California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago. ...

Could California have a $155 billion revenue swing in two years?

To understand how the state could, in two years, have a revenue swing of about $155 billion requires a look at how the state raises money for the general fund — the big pot of money that funds most state programs — and a few other complicated aspects of how California juggles competing budget requirements. ...