|
On January 10, Governor Newsom released his state budget proposal for the 2023-24 fiscal year that begins July 1.
Newsom has proposed a $297 billion budget, even though we have a $22.5 billion budget shortfall, with high interest rates and inflation, and the threat of a looming recession.
This is following years of historic budget surpluses and exactly the reason why you don’t go on a spending spree when times are good.
We need to refocus our priorities, show some fiscal discipline, and invest tax dollars in urgent issues that impact all Californians - like building Sites Reservoir and other water storage to prevent dangerous flooding while maintaining crucial water needs for Californians and agriculture; supporting critical infrastructure; improving our business climate; and allowing affordable energy production.
Our California State Constitution requires a balanced budget each year. Spending more than you take in is not balanced. The Governor and Legislature have until June 15 to balance the budget, and I look forward to learning more about the details of this proposal in the coming months.
The full budget summary is available here.
|