California State Government financial reports

California Leaders Reach $297.9 Billion Budget Agreement Amid $46.8 Billion Deficit

Jun 22, 2024, 06:06 PM

Governor Gavin Newsom and Democratic leaders in California have reached a budget agreement totaling nearly $300 billion. The deal includes measures to address a deficit estimated at $46.8 billion through $16 billion in cuts, a declaration of a statewide fiscal emergency, and the use of funds from the state's rainy-day reserves. Additionally, the agreement delays the implementation of a $25 minimum wage increase for healthcare workers to either October 15, 2024, or January 2025, depending on the state's financial situation.