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Key Insights from Newsom's 2025-26 Budget Proposal

share-iconSaturday, January 11 comment-icon1 week ago 6 views
News sources:
latimesLATIMES
Key Insights from Newsom's 2025-26 Budget Proposal

Credited from: LATIMES

  • Governor Gavin Newsom's budget proposal for the 2025-26 fiscal year was unveiled, emphasizing a modest surplus of $363 million, although the calculation is contentious.
  • The budget's intention and overall forecast were presented in an atypical manner, as Newsom could not conduct the traditional rollout due to responding to wildfires.
  • Key changes include counting withdrawals from the rainy day fund as part of normal revenue, prompting concerns from lawmakers regarding budget accuracy.
  • A new California Housing and Homelessness Agency is proposed to enhance management of housing and homelessness issues, following previous criticism for lacking accountability.
  • Newsom aims to revise the state's rainy day fund policy, proposing to double the deposit cap and exempt these funds from spending limits, needing voter approval for constitutional changes.

For the full article, visit: Los Angeles Times

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