Governor Newsom introduced a $286.4 billion budget proposal for 2022-23 on January 10. The proposed budget is 9% larger than last year’s record high budget, largely because of tax receipts that were even higher than expected. The governor’s office is anticipating a $21 billion discretionary surplus for 2022-23 and this includes billions more for education.
In the proposal, the General Fund budget is $213.1 billion, which is a 1.5% increase over the 2021-22 budget. The governor has called for early action to allocate $1.4 billion for COVID testing, vaccines, supporting hospital surge capacity, and combatting misinformation. Another $1.3 billion is allocated to continue this spending through the 2022-23 year.
The minimum guarantee for Proposition 98 funding is projected to be the highest ever, and the governor’s budget includes a rebenching of the guarantee to account for an expansion of Transitional Kindergarten. The details of the January budget proposal are outlined in our Research Brief.
For more information, please contact CFT Research Director Aimee Shreck.
