Today, Governor Newsom, Speaker of the Assembly Robert Rivas, and
Senate President pro Tempore Mike McGuire
announced an agreement on early actions to reduce the state’s
budget problem by approximately $17.3 billion. The goal of the
early budget actions, as expressed by Governor Newsom, is to
shrink the budget shortfall before the release of the May
Revision to make future budget-balancing negotiations more
manageable.
The details of the agreement are published by the Governor and
the Legislature, as follows:
A brief
summary released by the Governor’s Office;
Detail from the Senate Committee on Budget and Fiscal
Review; and
The Senate Committee on Budget and Fiscal Review estimates the
remaining budget shortfall, assuming the $17.3 billion in early
action is approved, to remain somewhere between $8.4 and $23.4
billion.
The early action plan will be included in
AB 106 (Ting) and
SB 106 (Senate Committee on Budget and Fiscal Review). Both
vehicles are expected to be amended in the coming days to include
the early budget agreement and other budget provisions. Quick
action on the agreement is anticipated, with a vote occurring as
soon as Thursday, April 11.
CSAC staff will continue to update counties on the development of
the 2024-25 budget and the state’s fiscal condition.
