California: Governor Newsom Signs Budget Bill to Slash Shortfall
The Californer/10276815

SACRAMENTO ~ In a move to address the state's budget shortfall, Governor Gavin Newsom signed legislation today that reflects the early action budget agreement announced earlier this month. The agreement, which aims to reduce the shortfall by approximately $17.3 billion, was reached between the Governor and legislative leaders.

Governor Newsom expressed confidence in the agreement, stating that it puts the state in a strong position to pass a balanced budget in June while still protecting important programs for Californians. He also thanked the leaders in the Legislature for their commitment to finding common ground during these challenging times.

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The legislation, known as AB 106, requires the Department of Finance to report to the Joint Legislative Budget Committee on items that will no longer be included in the baseline budget forecast as part of the early action agreement.

AB 106 is just one piece of the larger early action agreement, which includes a combination of $3.6 billion in reductions (primarily to one-time funding), $5.2 billion in revenue and borrowing, $5.2 billion in delays and deferrals, and $3.4 billion in shifts of costs from the general fund to other state funds.

For more information on AB 106 and its full text, visit http://leginfo.legislature.ca.gov.

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