California’s budget shortfall is the result of overpromised spending and lower-than-projected revenue from tax collections.
California Gov. Gavin Newsom waves as he is introduced at the swearing-in ceremony for California Assembly Speaker Robert Rivas, D-Hollister, at the Capitol in Sacramento, Calif., Friday, June 30, 2023. The California Legislature will vote today on a “junior budget bill” that pulls back about $1.6 billion in previously approved state spending.
If it seems a little sketchy to find $17.3 billion of savings with only $1.6 billion in budget cuts, that’s because it is a little sketchy. The “Early Action Agreement” claims $3.6 billion in “reductions,” but that includes $762.5 million from not counting the salaries of vacant positions, and another $532.5 saved by something described as “Withdraw Elimination of Two-week Fee-for-Service Checkwrite Hold.
The Early Action Agreement contains only one item under “revenue,” and that’s $3.8 billion from the Managed Care Organization tax that helps to fund the Medi-Cal program. The general fund will take some of the money from that tax.
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