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California faced a $26.3 billion budget deficit for the 2009–2010 budget year. [7] While the legislative bodies appeared to address the problem in 2008 with the three-month delayed passage of a budget they in fact only postponed the deficit to 2009 and due to the Great Recession and the 2007–2008 financial crisis the problem became urgent ...
In the table, the fiscal years column lists all of the fiscal years the budget covers and the budget and budget per capita columns show the total for all those years. Note that a fiscal year is named for the calendar year in which it ends, so "2022-23" means two fiscal years: the one ending in calendar year 2022 and the one ending in calendar ...
SACRAMENTO, Calif. (AP) — California has a huge budget problem that could force thorny decisions from Democratic leaders who enjoyed a more than $100 billion surplus just three years ago.
Newsom boasted of a $97.5 billion budget surplus in 2022, but a year later, it morphed into a $31-plus billion deficit. What happened?
The U.S. state of California had a budget crisis in which it faced a shortfall of at least $11.2 billion, [1] and projected to top $40 billion over the 2009–2010 fiscal years. [ 2 ] 2008
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.
Gov. Gavin Newsom laid out his budget amid projections of tougher economic times to come. Gavin Newsom unveils $297 billion California budget with a deficit after years of surplus Skip to main content
By May of last year, the shortfall climbed to $31.5 billion, a dramatic turn of fortunes from just a year earlier for the Golden State, and the governor released a $306.5 billion budget ...