Governor Newsom Releases FY 2020-21 May Revision, Projects $54.3 Billion Budget Shortfall
On Thursday, Governor Gavin Newsom released his FY 2020-21 May Revision budget, reflecting drastically different economic and fiscal conditions from when he unveiled his original budget proposal in early January. Notably, the Newsom Administration projects a $54.3 billion budget deficit, requiring the Administration to draw down a series of reserve funds, withdraw previously proposed investments,…
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