California Has $97.5 Billion Budget Surplus – CBS Sacramento

SACRAMENTO (AP/CBS13) — California is entering the next budget year with a record-smashing budget surplus of nearly $100 billion, Gov. Gavin Newsom said Friday.

Newsom unveiled a revised budget plan of just over $300 billion for the next fiscal year, the highest in state history and fueled by surging tax revenues through the winter and spring. The state has collected $55 billion more in taxes than officials expected in January, leaving it with an estimated $97.5 billion surplus.

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That means Newsom has billions more to spend on new and existing initiatives. Among other things, he wants to spend an extra $322 million on the drought and another $125 million to help more women get abortions in California.

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Newsom also wants to give California car owners $400 checks to offset the high price of gas, but legislative leaders have a different idea. The two sides will need to reach a compromise.

Newsom and lawmakers have until the end of June to finalize the budget, which takes effect July 1.

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Copyright 2022 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.

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