However, the Legislative Analyst’s Office predicts that California can afford to increase its annual expenses by $3 billion to $8 billion through the 2025-26 fiscal year - a prospect that didn’t appear to sit well with Republicans. Much of the extra revenue came from one-time funding sources, which helps explain why many California schools are still facing yawning budget deficits. On Wednesday, Newsom unveiled the first 18 projects that will receive funding from the $6 billion broadband package. Newsom and state lawmakers agreed on a record-breaking $262.6 billion spending plan for the fiscal year that began July 1, which included $12 billion in stimulus payments and unprecedented investments in education, homelessness and the environment. Newsom: “How we framed that historic surplus last year, similarly, we will frame our approach this year.”.He also suggested that another round - or two - of stimulus checks could be on the way. ![]() Gavin Newsom said he plans to “substantially increase our one-time investments in infrastructure” in the budget proposal he’ll send to state lawmakers in January. While touring the backlogged Los Angeles and Long Beach ports on Wednesday, Gov. And because the state is forbidden from spending more tax dollars per Californian than it did in 1978, once adjusted for inflation, it only has a few options for handling most of the cash windfall: slashing taxes issuing tax rebates funneling it to schools and community colleges or earmarking it for certain purposes, such as infrastructure. That’s because California is - once again - overflowing with money, and will likely have a $31 billion budget surplus next year, according to a Wednesday report from the independent Legislative Analyst’s Office. ![]() Remember the Golden State stimulus checks? Well, more might be landing in your bank account in the near future.
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