California could see $26 billion in one-time surplus funds to help balance the budget next year, but moving forward will face rising deficits, according to new estimates.

California will likely have a $25 billion budget deficit next year, ending a run of historic surpluses. (AP) In May, Gov. Gavin Newsom announced the state was entering the 2022-23 fiscal year with ...

The latest bad news is the evaporation of the state budget surplus that is now rapidly turning into a deficit that could run as high as $22 billion to $40 billion, particularly if there’s a ...

Take a cursory look at the basic summary charts in Gov. Gavin Newsom’s revised budget and it appears that state general fund spending rose between 2020-21 and 2021-22 by an astounding $85.7 ...

The much-revised 2024-25 state budget that Gov. Gavin Newsom released last week contains hundreds of spending reductions and other actions to close what he says is a $44.9 billion deficit. Exactly ...

Gov. Gavin Newsom, who just a year ago was extolling an unprecedented $97.5 billion budget surplus, on Friday laid out his plan for closing a newly projected $31.5 billion deficit, with trims to ...

Last month, Newsom had to eat those words because the immense — on paper — surplus had suddenly morphed into what he said was a $22.5 billion deficit due to sharp declines in tax revenues.

Two years ago, California was so flush that Gov. Gavin Newsom was moved to make a bold declaration about the state’s estimated $100 billion budget surplus. “Simply without precedent,” the ...

This time last year, there was excitement and possibility over how to spend a record $97.5 billion budget surplus, a shocking figure coming at the end of a bruising COVID-19 pandemic.But this year ...