California鈥檚 budget whiplash: From a record-setting surplus to a massive shortfall in one year

Politics & Government

California鈥檚 budget whiplash: From a record-setting surplus to a massive shortfall in one year

CalMatters | By John Osborn D'Agostino,

Published June 12, 2023 at 6:22 AM PDT

Gov. Gavin Newsom unveils his 2022-23 state budget with a record surplus in Sacramento on May 13, 2022. This year, California has a budget deficit.

This time last year, there was excitement and possibility over , a shocking figure coming at the end of a bruising COVID-19 pandemic. But this year, excitement has turned into a fight over what not to cut as the state stares down a .

How did this budget whiplash happen? To understand how the state could, in one year, have a revenue swing of about $128.5 billion requires a look at how the state raises money for the general fund 鈥� the big pot of money that funds most state programs 鈥� and a few other complicated aspects of how California juggles completing budget requirements.

is a nonprofit, nonpartisan media venture explaining California policies and politics.

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California鈥檚 budget whiplash: From a record-setting surplus to a massive shortfall in one year

This time last year, there was excitement and possibility over , a shocking figure coming at the end of a bruising COVID-19 pandemic. But this year, excitement has turned into a fight over what not to cut as the state stares down a .