Opinion: Budget deficits could plague California for years. When will Capitol leaders take it seriously?
The $310.8 billion 2023-24 state budget that Gov. Gavin Newsom signed in June purports to bridge a projected $31.7 billion general fund deficit caused primarily by a downturn in revenues, particularly all-important income taxes.
A couple of weeks after he signed the budget, however, Newsom’s Department of Finance quietly released a multi-year budget forecast that projects stagnant tax revenues for the remainder of the governor’s second term and a string of operating deficits even with no growth in spending. Moreover, Petek sees baseline spending – what’s required by current law – being $10 billion over the administration’s forecast by 2026-27 which, if true, would sharply increase the $14.3 billion 2026-27 deficit in the administration’s forecast.
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