The Legislature's budget analyst, Gabe Petek, has estimated that the cumulative deficit for the three-year budget window 2022-23, 2023-24 and 2024-25 to be $73 billion, largely due to his more pessimistic revenue calculations.
Newsom's January budget assumes that revenues are running $44 billion under last year's budget projections during the three-year window, while Petek raises that estimate to $68 billion.
With revenue shortfalls driving the state's deficit number, everyone involved in the annual budget process was closely monitoring what April 15's income tax filing deadline would produce. Newsom even indefinitely postponed his annual state of the state address because of the uncertainty.
#california-state-budget #revenue-shortfalls #deficit-estimate #legislative-analysis #budget-planning
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