California budget deficit

YEAR IN REVIEW: CALIFORNIA DESCENDS INTO BUDGET DEFICIT

By Mikhail Zinshteyn, CalMatters

CalMatters is a public interest journalism venture committed to explaining how California’s state Capitol works and why it matters

Photo:  Gov. Gavin Newsom unveils his budget proposal for the 2023-24 fiscal year during a press briefing at the California Natural Resources Agency in Sacramento on Jan. 10, 2023. Photo by Miguel Gutierrez Jr., CalMatters

December 19, 2023 (Sacramento) - Two seemingly diametrically opposed things were both true about California’s budget in 2023.

The state had to pare down its spending as it confronted a nearly $32 billion deficit for 2023-24. Nonetheless, the final spending plan for the general fund was still the second largest on record — $308 billion in total. As recently as 2019, the budget was less than $200 billion.

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