What’s Happening in Sacramento?
Gov. Gavin Newsom released his revised $300.7 billion 2022 - 2023 state budget proposal on May 13, 2022, building on the state’s ongoing work to confront California’s greatest existential threats, bolster economic growth, and make historic investments in California’s future. Newsom announced an estimated $97.5 billion surplus for this year’s budget, which is the largest any state has ever experienced, and an intention for his proposal to spend 99% of the surplus on one-time spending and 94% of the total budget on one-time spending, as ongoing programs can be trickier to fund in the long term. Newsom also noted that people are not leaving California because of taxes; instead, he argued that people are leaving because of housing unaffordability and limited supply. California lawmakers now have until June 15 to send a budget to Newsom’s desk for the upcoming fiscal year, which begins July 1.
To quote Newsom, the budget is “simply without precedent”. From the budget surplus, $18.1 billion will provide financial relief for Californians struggling with rising inflation, $37 billion will go to infrastructure investments, and an additional $2.3 billion will go towards fighting COVID-19. The governor proposed spending a total of $32 billion in climate investments, including $100 million will be put towards carbon removal technologies and an additional $1.3 billion in drought and water resilience spending.
Newsom also reiterated his plan to send $400...
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