CASH May Revision Budget Update

Governor Newsom released the May Revision to his 2023-24 State Budget proposal. The $306 billion total budget includes a $224 billion General Fund. The budget shortfall—estimated to be $22.5 billion in January—has risen to $31.5 billion. The state’s budget reserves have grown to $37.2 billion. The Governor urged restraint and prudent fiscal planning in the face of uncertainty due to delayed tax receipts, capital gains fluctuations, and a looming federal debt ceiling impasse.

The May Revision Summary is largely silent on school facilities issues, and reinforces the Governor’s commitment to his January proposals.