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California Gov. Newsom unveils historic $97.5 billion budget surplus

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California Gov. Gavin Newsom unveils his 2022-2023 state budget revision during a news conference i in Sacramento, Calif., Friday, May 13, 2022. California is anticipated have a record surplus.

Wealthy Pedroncelli | AP

California is entering the subsequent budget 12 months with a record-smashing surplus of nearly $100 billion, Gov. Gavin Newsom said Friday.

Newsom unveiled a revised budget plan of just over $300 billion for the subsequent fiscal 12 months, the best in state history and fueled by surging tax revenues. The state has collected $55 billion more in taxes than officials expected in January, leaving it with an estimated $97.5 billion surplus.

Meaning Newsom, a Democrat, has tens of billions of dollars more to spend on recent and existing initiatives as he seeks re-election in the autumn. He plans additional spending to tackle the continued drought, to assist more women get abortions in California and to offset rising costs of food, gas and other goods resulting from inflation.

He’ll have to achieve agreement with the Democratic-led legislature on all of his proposals. They’ve until the tip of June to finalize the budget, which takes effect July 1.

Newsom said one in all his top budget priorities is providing Californians relief from inflation.

“Individuals are feeling deep stress, deep anxiety,” he said.

He’s proposed giving $400 checks to registered automotive owners within the state, with as much as two checks per person. That might cost the state about $11.5 billion, he said. Though the cash would only go to automotive owners, Newsom said it must be considered “inflation refund and relief.”

“For you, it may very well be a rebate to deal with the difficulty of groceries, it may very well be a rebate to deal with the opposite cost burdens which can be placed on you,” he said.

Democratic lawmakers, though, have a special idea on methods to provide relief. They need to offer $200 checks only to those below a certain income level.

Republicans, meanwhile, say slightly than a check Newsom should suspend the state’s highest-in-the nation gas tax for one 12 months. They’ve also asked him to extend a tax credit for renters and offer recent tax credits to students.

“Senate Republicans consider there’s a greater strategy to spend money on the state,” said Sen. Rosilicie Ochoa Bogh of Yucaipa.

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