Honey, I Shrunk the Surplus: California’s 2023-2024 Budget

The 2023 budgeting cycle in California was much different from the previous year. Californias finances, always topsy-turvy, faced a dramatic reversal of fortune as surplus turned to deficit. Nonetheless, the state was able to weather the storm and avoid deep spending cuts, thanks to a combination of...

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Bibliographic Details
Published in:California journal of politics and policy 2024-01, Vol.16 (1), p.1-37
Main Authors: DiSarro, Brian, Hussey, Wesley
Format: Article
Language:English
Subjects:
Abortion
Asian Americans
Budgets
Censuses
College football
Decisions
Deficits
Demographics
Election results
Expenditures
Governors
Hispanic Americans
Legislatures
Population
Presidents
Public debt
Registration
State elections
Tax collections
Taxation
Voters
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Summary:The 2023 budgeting cycle in California was much different from the previous year. Californias finances, always topsy-turvy, faced a dramatic reversal of fortune as surplus turned to deficit. Nonetheless, the state was able to weather the storm and avoid deep spending cuts, thanks to a combination of good economic times in years past and politically expedient decisions by the Governor and Legislature. However, delayed tax collections and projections for structural deficits, even absent a recession, meant storm clouds were on the horizon as the year drew to a close. The tough decisions that were sidestepped in 2023 might have to be made in 2024.
ISSN:1944-4370
2194-6132
1944-4370
DOI:10.5070/P2CJPP16163064