California Gov. Newsom announces historic surplus of $97.5 billion
Governor Gavin Newsom announced that California enters the next budget year with an unprecedented surplus of almost $100 billion. Gavin Newsom said Friday.
Newsom presented a revised budget plan for the next fiscal year of just over $300 Billion. This is the largest in state history and was fueled by rising tax revenues. State officials had expected that the state would collect $55 billion in more taxes in January. This has left it with an estimated $97.5 million surplus.
Newsom, a Democrat has tens of billions more to spend on existing and new initiatives as he bids for re-election. To combat the drought and help more California women have abortions, Newsom plans to spend additional money.
All of his ideas will need to be approved by the Democratic-led legislature. The deadline to approve the budget is June 30, which will take effect July 1.