We’re in the money!

Last Friday Governor Newsom released his revised state budget that outlines his thoughts on how to spend the state’s $300.7 billion.  The updated budget from the Governor’s office was given a boost thanks to the $97.5 billion surplus – significantly larger than what was previously projected.  However, with state law requiring that half be spent on education roughly $49 billion is available for spending.  

As reported by CalMatters, the Governor intends to use the vast majority of the extra pocket change for one-time spending toward financial relief, infrastructure, education facility upgrades, and a few billion for the fight against COVID-19.  Other items announced as part of the revised budget includes $128.3 billion in education spending, $23 billion set aside for a rainy day, $2.5 billion for housing, and $3.4 billion towards state employee retirement debt.  

As much fun as it may have been for the Governor to figure out how to spend all that mullah, state lawmakers have their own budget priorities and will have until the budget deadline of June 15 to duke it out.  It is still unclear what California taxpayers will see in their mailbox for gas and inflation relief.  The Governor’s budget accounts for $800 checks to be sent to eligible registered vehicle owners, while other legislators are eyeing a $200 rebate not tied to auto ownership but rather income.

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