The state Capitol in Sacramento, Calif. Even with money from reserves, the spending side of the 2024-25 state budget will have to be trimmed.
Even so, the bad news is that overall revenues from income, sales and corporate taxes are still running $6 billion behind what Newsom’s January budget projected for the current fiscal year, meaning that cumulative deficit will be substantially more than the $38 billion With revenue shortfalls driving the state’s deficit number — whatever it might be — everyone involved in the annual budget process was closely monitoring what April 15’s income tax filing deadline would produce.
However, neither will be balanced in the true sense of the word, because the revenues will include at least $12 billion from the state’s emergency reserves, many billions more in loans from special funds and Budget stakeholders are jockeying for position on the priority list with private lobbying of legislators and public pronouncements of vital need.
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