Governor Gavin Newsom released his 2023-24 budget proposal reflecting projected declines in revenue, particularly capital gains, and an anticipated $22.5 billion dollar budget deficit. The governor prioritizes maintaining commitments to TK-12 and fully funding the statutory cost-of-living adjustment (COLA) for the Local Control Funding Formula (LCFF) and other programs. Outside of Proposition 98, the governor prioritizes housing and homeless investments, health care affordability, climate and disaster resilience and economic development.
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