Gov. Gavin Newsom unveiled Friday a record-breaking $227.2 billion budget proposal for the 2021-22 fiscal year.
The proposed budget includes a $164.5 billion General Fund and projects $34 billion in total reserves and surplus. The budget significantly restores the state’s rainy day fund, and economic support reserves that were diminished last year. A surplus of $15 billion, largely in one-time funds, are available for spending to address COVID-19 and support resilience and recovery. During his press conference, the Governor said his budget proposal focused on the “most urgent needs” of Californians, including vaccinations, the safe reopening of schools, support for small businesses, money in the pockets of Californians, and wildfire preparedness.