California Faces $25 Billion Deficit After Years Of Surplus
View Source | November 21, 2022 1:30 am
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- The Legislative Analyst’s Office released its report on Wednesday, emphasizing the upcoming $25 billion deficit, which they say is mostly due to “lower revenue estimates.”
- The state’s last budget was $308 billion with a $97 billion surplus, and the year prior to that, the budget was $263 billion with a $76 billion surplus. The state currently has $37.2 billion of reserves.
- “It’s not insignificant, but it’s also manageable,” Legislative Analyst Gabriel Petek said. “We don’t think of this as a budget crisis.”
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