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ACSA Analysis: 2023-24 State Budget Revision

Revenues have continued to decline since the release of the governor’s January budget proposal, increasing the state budget deficit to $31.5 billion compared to the previously anticipated $22.5 billion. The governor noted further economic uncertainty impacting the state budget planning process, including the federal debt ceiling debate, a likely out-year recession and the delayed tax collection from 55 counties due to natural disasters.

The governor prioritizes maintaining commitments to public education, including proposing to fully fund the statutory cost-of-living adjustment (COLA) for the Local Control Funding Formula. Outside of K-12 education, the governor prioritizes housing and homelessness investments; health care affordability and mental health; climate and disaster resilience; and public safety.

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