On January 10, 2024, Governor Newsom presented his proposed state budget to the California Legislature. In this report, we provide a brief summary of the Governor’s budget based on our initial review as of January 12. In the coming weeks, we will analyze the plan in more detail and release many additional issue-specific budget analyses.| www.lao.ca.gov
Strong Growth This Year, Muted Expectations Moving Forward. Our updated forecast anticipates revenues from the state’s three largest taxes will post strong growth in the current fiscal year. Moving into the budget year, however, our revenue forecast is essentially flat, reflecting mounting risks and headwinds. Total collections across the budget window roughly match the assumptions in the January Governor’s Budget. The timing of those collections, however, is somewhat different, with m...| lao.ca.gov
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