Search results
Results from the WOW.Com Content Network
The proposed delay in the rate increase would reduce state funding for those programs by $612.5 million while sacrificing $408 million from the federal government, resulting in a total reduction ...
With weaker revenues than expected, Gov. Gavin Newsom wants to declare a budget emergency and ask California lawmakers to dip into the state's reserves. How Newsom plans to fix California's ...
In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years. Note that a fiscal year is named for the calendar year in which it ends, so "2022-23" means two fiscal years: the one ending in calendar year 2022 and the one ending in calendar ...
Newsom's plan seeks to solve the budget deficit for the next two budget years, including additional cuts, reductions and delays to solve an estimated $28.4-billion deficit in 2025-26.
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The California Department of Finance is a state cabinet-level agency within the government of California. [1] The Department of Finance is responsible for preparing, explaining, and administering the state's annual financial plan, which the governor of California is required under the Constitution of California to present by January 10 of each year to the general public.
California’s Legislature on Wednesday night approved most of the bills that make up the $298 billion budget agreement with Gov. Gavin Newsom to close a roughly $47 billion deficit.
In June 2009 Gov. Arnold Schwarzenegger said "Our wallet is empty, our bank is closed and our credit is dried up." [11] He called for massive budget cuts of $24 billion, about 1 ⁄ 4 of the state's budget. [11] [12] 2012 brought somewhat of an improvement to state finances, though the state still faced a $16 billion budget deficit for the year.