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The reserves in the budget include a $10.9 billion rainy day fund, a $1.5 billion public school rainy day fund and a $4.5 billion Newsom's 2025-2026 budget released, highlights disaster relief ...
California Gov. Gavin Newsom outlines his proposed 2025-2026 $322 billion state budget during a news conference at California State University, Stanislaus in Turlock, Calif., Monday, Jan. 6,2025.
Newsom's plan seeks to solve the budget deficit for the next two budget years, including additional cuts, reductions and delays to solve an estimated $28.4-billion deficit in 2025-26.
The 2025–2026 session is the current session of the California State Legislature, composed of 40 members of the State Senate and 80 members of the State Assembly.The session first convened in Sacramento, California, on December 2, 2024, and will end on November 30, 2026, concurrent with the final two years of governor Gavin Newsom's second term.
The cut costs would be reinstated for the 2025-26 fiscal year under the current budget proposal. The LAO argues that the proposed method elbows the Legislature out of the decision-making process.
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As for the LAO, the group identified several one-time or temporary spending cuts that could be made to address the budget shortfall from fiscal year 2023-24 through 2025-26.
The 2026 California gubernatorial election will take place on November 3, 2026, to elect the next governor of California. The statewide top-two primary election will take place on June 2, 2026. Incumbent Democratic Governor Gavin Newsom will be term-limited and ineligible to seek reelection.