California State Capitol building in Sacramento, Calif., (Anda Chu/Bay Area News Group)
California faces a $68 billion deficit in its budget, largely as a result of a severe revenue decline in the current 2022‑23 fiscal year, the state’s Legislative Analyst’s Office reported Thursday.
“The state faces a serious budget deficit,” the analyst’s office said. “We estimate the Legislature will need to solve a budget problem of $68 billion in the upcoming budget process.”
Gov. Gavin Newsom must present a proposed 2023-2024 budget early next month.
The LAO is expected to discuss the budget problem this morning.
Typically, the budget process does not involve large changes in revenue in the prior year, [cq comment=”in this case, 2022
Originally published at John Woolfolk