LAO Feels Newsom’s Budget Projections Are Too Optimistic ...Middle East

Sacramento, CA — When Governor Gavin Newsom last month unveiled his $297-million budget proposal for the next fiscal year, it took into account an anticipated $22.5-billion shortfall. The decline in state revenues was attributed to things like a slowing economy, a reduction in capital gains, and one-time federal Covid funds drying up. The State of California’s Legislative Analyst’s Office, however, has just released a report projecting that the deficit will likely be about $7-billion more (totaling just under $30-billion). In addition, future deficits are anticipated. The report states, “Under the administration’s projections, the state faces operating deficits of $9 billion in 2024‑25, $9 b

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