This week, both the Department of Finance (DOF) and the Legislative Analyst’s Office (LAO) issued fiscal updates detailing projected budget deficits amid the ongoing COVID-19 pandemic. The reports were released ahead of next week’s May Revise budget that is expected to be released by Governor Gavin Newsom on Thursday, May 14. Below, we highlight the…
Read More »On Monday, the Assembly Budget Subcommittee No. 6 on Budget Process, Oversight, and Program Evaluation held its second COVID-19-related hearing to explore recovery efforts and economic stimulus activities. In beginning the hearing, Subcommittee Chair Assembly Member Phil Ting discussed the ongoing and anticipated fiscal implications of COVID-19, including that the state is unable to deficit…
Read More »On Thursday, the Department of Finance (DOF) issued a two-page budget letter directing all state agencies and departments to immediately undertake specified actions to reduce current year expenditures amid the ongoing COVID-19 pandemic. Pointing to the significant economic impact from COVID-19, DOF indicates that revenue decreases and cost increases are expected to last for several…
Read More »On Monday, the Assembly Budget Subcommittee No. 6 on Budget Process, Oversight, and Program Evaluation convened an oversight hearing regarding the Newsom Administration’s ongoing COVID-19 response activities. Monday’s hearing had approximately 11 Assembly Members in attendance with members physically distanced and panelists participating via videoconferencing. Budget Subcommittee No. 6 Chair Assembly Member Phil Ting opened…
Read More »On Thursday afternoon, the Senate Budget & Fiscal Review Special Subcommittee on COVID-19 Response held its first oversight hearing to review the Newsom Administration’s use of $1 billion in state emergency funds, the use of the Disaster Response-Emergency Operations Account, and federal funding for COVID-19 response activities. After a lengthy delay due to technical issues…
Read More »This week, the Newsom Administration announced the expenditure of additional COVID-19 emergency response funds that were approved by the Legislature last month. Below, we highlight these expenditures: $42m Investment for Foster Youth and Families On Monday, Governor Gavin Newsom announced $42 million in new investments to protect and support younger Californians who are at heightened…
Read More »The Department of Finance (DOF) late last week issued a letter to Senate and Assembly Budget and Appropriations committee chairs providing an interim update on the state’s fiscal condition amid the ongoing COVID-19 pandemic. In its letter, DOF discusses economic forecasts and revenue projections, expenditures, federal stimulus measures, and cash flow. DOF provides an overview…
Read More »This week, the Legislative Analyst’s Office (LAO) published a post detailing impacts on California’s state budget in light of COVID-19 and new federal resources that may assist in addressing state budget issues as a result of responding to the pandemic. The LAO examines sources of a potential budget problem where the state’s anticipated General Fund…
Read More »This afternoon, the Newsom Administration Department of Finance (DOF) sent two letters to Senate and Assembly Budget and Appropriations Committee Chairs notifying the Legislature of the Administration’s intent to provide $100 million in emergency funds approved by the Legislature last month to support child care providers and essential workers. $50 million is proposed to be…
Read More »On Monday, Assembly Budget Committee Chair Phil Ting issued a memo detailing likely changes in the state’s budget process in light of COVID-19 and its widespread impacts on the state. In the memo, Assembly Member Ting indicates the state’s revenues are expected to be significantly decreased and the full damage to the state’s economy will…
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