California grapples with revenue volatility due to dominant income tax reliance, challenging budget flexibility, and mandates like Prop 98 for education funds.
Historical attempts to address revenue volatility, like Schwarzenegger's commission favoring tax system overhaul, have not been fully implemented.
Jerry Brown implemented temporary tax increase on wealthy individuals and a rainy day fund post-Great Recession, accumulating substantial reserves for future downturns.
Gavin Newsom tapped into reserves during COVID-19 and a budget deficit, showcasing the importance of prudent financial planning and reserve utilization.
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