Budget Update

Gov. Jerry Brown held a press conference this morning to release his revised FY 2018–19 budget proposal for the fiscal year that begins July 1. Known as the May Revise, the proposal includes $137.6 billion in General Fund spending and a total spending amount of $199.3 billion. Pointing to his usual charts showing California’s boom and bust cycles, dependence on capital gains taxes and spending history, the Governor repeated his fiscal prudence mantra while warning of the inevitability of the next recession. FY 2018–19 marks the Governor’s 16th and final budget and he expressed a desire to leave the state’s finances in order as he completes his fourth term in office.