Earlier this year, lawmakers approved a spending plan that included a $72.4 billion surplus. That pushed total state spending above $300 billion for the first time. But tax collections have slowed significantly since then.
California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a run of historic surpluses and acting as a warning to other states about a potential recession.
Revenue has increased steadily in California for the past decade. This year, a $72.4 billion surplus pushed total state spending to more than $300 billion for the first time. “Our revenue estimates represent the weakest performance the state has experienced since the Great Recession,” the LAO report said.
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