January 10, 2020
Executive Summary
Gov. Gavin Newsom's FY 2020-21 State Budget includes $153.083 billion in General Fund, $64.758 billion in special funds, and $5.352 billion in selected bond funds totaling $222.193 billion. This proposed budget reflects a 3.5 percent increase in spending from the current fiscal year budget.
 
To prepare for potential recession scenarios in the coming years that could result in a larger than $40 billion budget deficit, the Governor’s budget proposal builds up state reserves to $21 billion overall ($18 billion Rainy Day Fund) and primarily focuses the remainder of the budget surplus of $5.6 billion on one-time spending.

Read more for key components of interest in the Governor's proposed budget.