CSAC Bulletin Article

Details Released on Plan to Address Budget Shortfall

April 4, 2024

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
  • Detail from the Assembly Budget Committee.

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.

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