Our annual Fiscal Outlook publication gives our office’s independent assessment of the California state budget condition for the upcoming fiscal year and over the longer term. In this report, we anticipate the state will have a $31 billion surplus to allocate in the upcoming fiscal year and operating surpluses ranging from $3 billion to $8 billion over the multiyear period. We also find the state will need to allocate about $14 billion to meet the constitutional requirements of the State Appropriation's Limit (SAL) across 2020-21 and 2021-22.
The 2022-23 Budget: Overview of the Governor's Budget ca.gov - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ca.gov Daily Mail and Mail on Sunday newspapers.
Editor-at-Large
The US federal government has offered loans to states to help them through the COVID-19 crisis and the state of California is now the first state to access those funds.
California borrowed the first tranche of funds this week when it pulled down $348 million to help cover unexpectedly high unemployment benefit payments to more than 3.7 million displaced workers, and the state could access up to $10 billion of loans through July. The state began the year with over $3.1 billion in its unemployment insurance trust fund but has already distributed more than $1.2 billion to unemployed workers.
But other states are also preparing to access federal loans after Illinois was approved for up to $12.6 billion and Connecticut was approved for up to $1.1 billion in loans.