Gavin Payne - January 2024 Update
This morning, Governor Newsom released his initial draft of the 2024-25 budget.
First, the big news: earlier, the Legislative Analyst had recently opined that the state’s budget shortfall (covering 3 years) would total $68 billion. Significantly, the Department of Finance estimates that shortfall to be only $38 billion. Although revenues are still down, The Governor’s proposed budget reflects that lower deficit number.