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Governor Newsom's Proposed $300.7 Billion Budget

Article Source:   CA Governor Newsom








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Governor Newsom Presents $300.7 Billion Blueprint Paving the California Way Forward

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SACRAMENTO – As global inflation and war in Europe drive up costs across the country, California Governor Gavin Newsom is proposing a $300.7 billion budget to provide relief from rising inflation, ensure public safety, address homelessness, transform public education, and combat climate change. The Governor’s California Blueprint includes an $18.1 billion inflation relief package to get money back into the pockets of Californians and bring down costs for families.  “Backed by a robust surplus and grounded in our unshakable values, we’re paving the California Way forward to prosperity and progress for all. With historic investments, we’re doubling down on our formula for success and making sure no one is left behind – supporting working families and businesses, tackling climate change, expanding health care access, making our communities safer, and more,” said Governor Newsom. “While gridlock persists in Congress and right-wing fanatics turn statehouses across the country into laboratories of hate and oppression, here in California, we’re putting in the work to grow our economy and implement real, inclusive policy change to create a brighter future for all.”

Led by GDP growth of 7.8 percent, the Blueprint includes a $97.5 billion surplus. The Governor’s proposal ensures that this year’s spending will not hamstring future budgets, calling for $37.1 billion in reserves including $23.3 billion for the state’s Rainy Day Fund, and spends 94 percent of surplus revenues on one-time expenditures.   For further information on these and other items in the California Blueprint, visit www.ebudget.ca.gov.

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