#budget-deficit
#budget-deficit

Newsom and Democrats announce a plan to reduce the enormous budget deficit. How? TBD

Democrats in California announced a plan to reduce the state's budget deficit of at least $38 billion, with a tentative amount of $12-18 billion agreed upon.

The plan involves early cuts, including delays in spending and clawing back unspent funds, with details to be shared in April before tougher deliberations in May and June. [ more ]

Sacramento Bee

4 things to know about California Senate Democrats' plan to fix the budget deficit

California Senate Democrats unveiled 'Shrink the Shortfall' plan to address budget deficit.

Senate Dems are largely following Gov. Newsom's lead in addressing deficit. [ more ]

www.cbc.ca

TDSB asks province to lift ban on closing, merging schools in bid to fill $26.5M budget hole | CBC News

TDSB requests lifting ban on closing schools to address budget deficit

TDSB approved $17 million in spending cuts during a special board meeting. [ more ]

www.thelocal.fr

France politics

Inside France: Debt, the power of the street and Napoleon

France is facing stringent spending cuts due to a high budget deficit (5.5% of GDP).

There is a debate about the sustainability of France's generous social model and the necessity for potential changes. [ more ]

Los Angeles Times

Republicans to launch another long-shot effort to recall Newsom

Rescue California plans a new effort to recall Gov. Gavin Newsom, citing budget deficit and lack of focus on state issues.

Newsom dismisses the recall attempt as a distraction from important issues like democracy and reproductive freedom. [ more ]

Sacramento Bee

California has dueling budget deficits. Here's what that means and what lawmakers could cut

California Gov. Gavin Newsom's budget proposal aims to address a $37.86 billion shortfall.

Differing estimates of the budget deficit from the Legislative Analyst's Office and Department of Finance create uncertainty. [ more ]

The Mercury News

Public health

Labor deal in flux as Newsom revisits SB 525, the $25 minimum health wage

Gov. Gavin Newsom is reconsidering California's $25 minimum wage for health workers due to a projected $38 billion deficit.

Renegotiating wages could jeopardize the delicate compromise between unions and the health industry. [ more ]

Sacramento Bee

California Gov. Newsom proposes some housing and climate cuts to balance $38 billion budget deficit

California Gov. Gavin Newsom has released a new $291 billion state spending plan for the 2024-25 budget year, accounting for a $37.9 billion deficit.

Newsom proposes covering the deficit by tapping into reserves, trimming programs, deferring spending, and spreading it out over more years. [ more ]

Sacramento Bee

With California's deficit looming, schools brace for Gov. Gavin Newsom's spending plan

California Gov. Gavin Newsom will reveal his plan to cover a budget deficit that could have major consequences for public schools.

The deficit could be as large as $68 billion, leading to potential spending cuts for public education. [ more ]

www.npr.org

California faces record $68 billion budget deficit, analyst says

California is facing a record $68 billion budget deficit due to rising prices and economic slowdown.

The deficit was caused by a major misjudgment of tax collections, exacerbated by storms and delayed tax payments. [ more ]

Los Angeles Times

As deficit estimate hits $68 billion, Newsom seeks 'major changes' to healthcare wage law

California Gov. Gavin Newsom is seeking reforms to pull funding from a plan to raise the minimum wage for healthcare workers to $25 an hour.

Newsom's proposed changes to the minimum wage law are in response to the state's projected $68 billion budget deficit. [ more ]

The Sacramento Bee

California faces a $68 billion spending gap after tax revenue shortfall, report says

The State of California is facing a $68 billion budget deficit, according to a report by the Legislative Analyst's Office.

The deficit is due to a significant decline in revenue and a previously anticipated deficit of $14 billion. [ more ]

ABC7 San Francisco

California's nonpartisan legislative analyst says state faces record $68 billion budget deficit

California is facing a $68 billion budget deficit due to lower than expected tax revenues.

The deficit comes from lower tax revenues caused by delayed tax filings and economic factors like inflation and layoffs in the tech sector. [ more ]

www.nytimes.com

California Faces $68 Billion Deficit Amid Steep Revenue Decline

California is facing a $68 billion budget deficit due to a decline in revenue similar to that seen during the Great Recession and dotcom bust.

The state's reliance on taxation of capital gains and the personal income of high earners, along with the federal government's efforts to control inflation, are contributing factors to the budget deficit. [ more ]

The Sacramento Bee

California's nonpartisan legislative analyst says state faces record $68 billion budget deficit

California is facing a $68 billion budget deficit due to lower than expected tax revenues.

The state may have to cut spending on education and use money from its savings account to balance the budget. [ more ]

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Sacramento Bee

California's large budget deficit looms for Gavin Newsom. Why it may be getting worse

California Gov. Newsom facing larger budget deficit than projected, challenges in revising budget by May 14 due to lower tax receipts. [ more ]

www.mercurynews.com

As budget cuts loom, Bay Area big city mayors urge Newsom to spare homelessness funding

California Big City Mayors urge $1 billion annual investment in homelessness services to combat the crisis. [ more ]

www.mercurynews.com

Skelton: California's budget relies on richest taxpayers and we're paying the price

California's state budget is heavily reliant on the stock market, leading to significant deficits when market crashes occur. [ more ]

Sacramento Bee

California's Latino lawmakers choose priority bills for 2024. Here are their top issues

California's Latino Caucus prioritizes bills focusing on undocumented immigrants for 2024 legislative agenda. [ more ]

Los Angeles Times

2 weeks ago

Public defenders, foster kids, climate: Programs created during California's boom may stall amid deficit

California faces budget deficit leading to potential program cuts despite previous surplus. [ more ]

www.mercurynews.com

3 weeks ago

Walters: Business groups, lawmakers battle over measure to limit California tax hikes

California is a high-tax state with residents paying roughly a half-trillion dollars annually in federal and state taxes. [ more ]

Austin Monitor

Austin

Austin ISD plans to cut at least $30 million from its next budget - Austin Monitor

Austin ISD aims to reduce its $60 million deficit by half for the next school year, working to minimize impact on classrooms amid statewide budget challenges. [ more ]

www.mercurynews.com

Walters: California progressives play defense as state faces huge budget deficits

Left-leaning interest groups in California made progress with social and medical services initiatives during a budget surplus period.

However, California is now facing a significant budget deficit, jeopardizing the continuation and expansion of the programs supported by progressive activists. [ more ]

Sacramento Bee

Assembly Democrats' $17B plan to cut California budget deficit breaks with Newsom. Here's how

Assembly Democrats propose freezing spending on one-time budget items

Plan aims to preserve budget-balancing options for June and reject cuts to housing and homelessness [ more ]

Kqed

Activists Work To Save Historic Border Wall Murals | KQED

Activists are saving murals on the Tijuana side threatened by new border wall construction.

LA's promise to hire 200 Black workers in government jobs fell short with fewer than 50 workers employed. [ more ]

www.cbc.ca

TDSB's adult learning program at risk, as school board looks to fill $27.6M deficit | CBC News

The TDSB is considering cutting adult learning programs due to a significant budget deficit.

The Learn4Life program, including ballroom dancing classes, has become a valuable and cherished activity for students like Azadeh Zereshkian and Ehsan Foroughi. [ more ]

www.mercurynews.com

San Jose charter school closes as Bay Area districts face declining enrollment and million dollar budget deficits

DCP Alum Rock High School in San Jose to close due to declining enrollment and budget deficit.

School's administration faces tough decision balancing finances and student needs. [ more ]

Boston.com

Brookline schools could lay off more than 20 staff amid $2.4 million deficit

Proposed cuts to world language program for K-5 students

Brookline Public Schools facing deficits and staff reductions [ more ]

Boston.com

Teacher reportedly injured during fight in Brockton High

Violence at Brockton High impacting teachers

Concerns over safety and budget at Brockton High [ more ]

sfist.com

Some San Francisco Public Schools Face Closure as Enrollment Plummets

Declining enrollment leads to potential school closures by fall 2025 in San Francisco.

Superintendent focuses on creating better schools with fewer resources to address budget deficit. [ more ]

www.mercurynews.com

What will Oakland schools have to cut to fix their $24 million deficit?

Oakland Unified School District faces a sizable budget deficit due to expiring federal COVID funds and increased labor costs.

Declining enrollment and charter schools are major factors contributing to Oakland's financial distress in the education sector. [ more ]

www.france24.com

France politics

Business - French government plans unemployment reform, refuses new taxes

French Prime Minister Gabriel Attal plans to tighten unemployment benefits to address a large budget deficit.

The French government rejects calls for new taxes, including on corporate windfalls and share buybacks. [ more ]

Inside Higher Ed | Higher Education News, Events and Jobs

Career

Three steps to take to future-proof your career amid downsizings (opinion)

Higher education institutions in the US are downsizing staff and faculty, with both public and silent announcements.

The downsizing trend in higher education is expected to continue, with potential future job insecurity for those remaining in institutions. [ more ]

www.france24.com

France news

French public deficit rises to 5.5% of GDP, says statistics agency INSEE

France's public sector budget deficit widened in 2023 to 5.5% of GDP, surpassing the government's target of 4.9%

The government plans to implement additional budget cuts this year to meet a deficit target of 4.1% in 2024. [ more ]

www.mercurynews.com

East Bay (California)

Oakland faces another budget shortfall after once again overestimating home sales

Historic budget deficit still a challenge in Oakland with $177 million shortfall forecasted by June. Property sales tax shortfall significant. Oakland Police Department biggest over spender. [ more ]

www.mercurynews.com

East Bay (California)

Labor, health costs lead Santa Clara County to project $250 million deficit in upcoming fiscal year

Santa Clara County is projecting a $250 million deficit in the next fiscal year due to growing labor costs and a slow housing market.

The county's healthcare system is expected to have a negative balance of $42.9 million due to labor costs and lower than expected revenues. [ more ]

therealdeal.com

LA real estate

Demise of Cheval Blanc Hotel Shrinks Beverly Hills Budget

Cancellation of LVMH's Cheval Blanc Hotel negatively impacts Beverly Hills budget

City facing widening budget deficit prompted search for new revenue sources [ more ]

New York Post

NYC's red ink is much worse than advertised, so why is Mayor Adams nixing cuts?

Mayor Eric Adams' $109.4 billion plan for Fiscal 2025 is $3.6 billion short for current services.

A Citizens Budget Commission report warns of a $31.2 billion deficit, double what the mayor's plan indicates. [ more ]

Times Union

Floyd Bennett Field shelter could cost state up to $308 million

The evacuation of nearly 2,000 migrants from a shelter in Brooklyn was prompted by the threat of severe weather.

New York State is prepared to pay up to $308 million to cover the cost of sheltering migrants at the former military airfield in Brooklyn. [ more ]

New York Post

In New York City's budget war, the first casualty is truth

New York City's budget deficit is billions of dollars larger than its revenue.

City Council leaders believe that Mayor Adams' proposed budget cuts are unnecessary because tax collections will exceed projections.

The city's budget issues are largely due to long-term spending choices, including using temporary federal relief funds for ongoing programs and giving raises to city workers without productivity gains. [ more ]

New York Post

Want to solve the budget crisis, Mayor Adams? Stop out-of-control migrant spending

New York City is facing a significant budget deficit, projected to be $8.9 billion for next summer.

Mayor Eric Adams plans to cut budgets for police, libraries, and schools, resulting in a decrease in the number of police officers and reduced library access for children.

The budget deficit is still at $7.1 billion even after the proposed cuts.

Wealthier New Yorkers may have to donate more to charity to compensate for the budget shortfall. [ more ]

Los Angeles Times

California libraries may lose free passes to state parks as budget deficit mounts

Library card holders may lose access to free state park passes due to California's budget deficit.

Majority of pass users identified as low income and people of color. [ more ]

Sacramento Bee

Social justice

California lawmakers say reparations bills, which exclude widespread payments, are a starting point

Reparations legislation introduced by Black lawmakers in California doesn't include direct cash payments.

Proposals aim to atone for discrimination through various measures like creating a reparations agency and affirmative action exceptions. [ more ]

Los Angeles Times

Social justice

Opinion: California has a $38-billion deficit. So why are we still paying for prisons we don't need?

Gov. Gavin Newsom has authorized billions of dollars in spending on corrections officers' raises and prison buildings, despite a decline in incarcerated population and a budget deficit.

California has a history of mismanaging savings from prison realignment and diverting funds to law enforcement, instead of more effective community initiatives. [ more ]

NYC real estate

New York Post

NYC real estate

The New School lists NYC townhouse for sale amid budget deficit

The New School is facing a $52 million budget deficit for the 2024 fiscal year.

The university is selling its presidential residence, seeking $20 million to address part of the deficit. [ more ]

www.nytimes.com

NYC real estate

The New School Lists Its Greenwich Village Townhouse for $20 Million

The New School's Greenwich Village townhouse is being sold for $20 million.

The school decided to sell the property to offset a budget deficit. [ more ]

moreNYC real estate

Cbsnews

Long Island school district announces dozens of layoffs in face of $3.6 million deficit

Amityville School District on Long Island is facing a multimillion dollar budget deficit and has announced 47 layoffs in the district, including teachers and security personnel.

Parents are concerned about the impact of the cuts on their children's education and are considering alternatives like private school due to rising tuition and potential classroom size increases.

The district attributes the deficit to increased costs for children with special needs, charter school enrollment, security, and health insurance, but there are questions about accountability for how the deficit was incurred. [ more ]

ABC7 San Francisco

Facing $23 million budget deficit, OUSD tries figuring out how to balance books for next school year

Oakland Unified School District is facing a budget deficit of at least $23 million for the upcoming school year.

The district is considering options such as staff reductions and department consolidations to balance the budget. [ more ]

Los Angeles Times

Los Angeles

Mike McGuire is everywhere. Can he harness his energy as California's new Senate leader?

California state Senator Mike McGuire takes on the role of Senate leader as the state faces a $38-billion budget deficit

McGuire is known for his hard work ethic and determination to overcome challenges [ more ]

Sacramento Bee

New California Senate leader says his priorities are climate change, homelessness and opioid crises

Sen. Mike McGuire will become the leader of California's state Senate, the first time in decades that the top two legislative leaders aren't from a major urban center.

McGuire's priorities are to address childhood poverty, opioid addiction, housing shortages, and wildfire impacts that affect both rural and urban areas across California. [ more ]

www.nytimes.com

New York City

The Secretive Court Fight Roiling New York's Democratic Socialists

The New York socialist group, D.S.A. for the Many, is facing financial penalties after failing to file the authorizations needed to raise and spend candidate funds.

The potential damages could be significant, amounting to what the group spent on the 2022 elections and several times its cash reserves. [ more ]

www.nytimes.com

New York City

N.J. Transit Plans to Raise Fares 15% on July 1

New Jersey Transit plans to raise fares by 15% on July 1 and continue with 3% annual increases.

The agency is facing a budget deficit and a drop in ridership since the pandemic began. [ more ]

Chicago Tribune

Ingleside Catholic school to remain open after raising $400K; 'Our focus is on sustainability'

St. Bede School in Illinois raised over $425,000 in just 32 days to cover a budget deficit and remain open for the next academic year.

Contributions came from students, alumni, businesses, neighboring Catholic schools, and strangers, but the school now needs to focus on long-term financial sustainability. [ more ]

Los Angeles Times

Voters say California's budget deficit is an 'extremely serious' problem, poll finds

Half of California registered voters consider the state budget deficit an 'extremely serious' problem. 57% believe the state is headed in the wrong direction.

The state budget relies heavily on capital gains taxes paid by California's highest earners, making state revenues prone to volatility in the stock market. [ more ]

Los Angeles Times

Environment

Newsom cuts $2.9 billion from California climate programs, delays an additional $1.9 billion

California Gov. Gavin Newsom's proposed budget includes cuts to climate change investments and clean transportation programs.

Environmental groups express disappointment and call for more funding and creative solutions to support the transition towards clean energy and resilience. [ more ]

Sacramento Bee

Public health

California offers health care to undocumented residents. A Republican lawmaker wants to end it.

A Republican lawmaker in California has introduced a measure to stop future health care funding for low-income undocumented residents.

The bill's introduction comes days before Gov. Gavin Newsom presents his plan for closing the state's budget deficit. [ more ]

www.thelocal.de

Germany news

Why the cost of flying from Germany will rise in May

Flying from Germany is expected to become more expensive due to an increase in the aviation tax.

The ticket tax will be raised from May 2024, resulting in higher ticket prices for air travel from Germany. [ more ]

www.fastcompany.com

Artificial intelligence

Major AI questions await returning California lawmakers

California lawmakers will be addressing issues related to artificial intelligence and the state's struggling budget in the upcoming election-year legislative session.

Lawmakers are seeking to regulate the use of artificial intelligence tools, focusing on privacy, discrimination, job protections, and misinformation during an election year. [ more ]

english.elpais.com

California is expanding health care coverage for low-income immigrants in the new year

More than 700,000 immigrants in California will gain access to free healthcare

The expansion will cost the state about $3.1 billion per year [ more ]

New York Post

Undocumented immigrants will qualify for free health care in California on Jan. 1

California will offer free health care to all undocumented immigrants who qualify for the state's government-run health insurance program.

The state is facing a $68 billion budget deficit in the next fiscal year. [ more ]

The Sacramento Bee

California suspends leave buyback program for state workers to address $68 billion deficit

California's Department of Finance has announced an expenditure freeze to address the projected $68 billion deficit.

The freeze includes suspending the state's leave buyback program for all state employees except correctional employees. [ more ]

ABC7 San Francisco

SF parents

SFUSD faces $421 million deficit; district could cut more than 900 vacant jobs

San Francisco Unified School District (SFUSD) is facing a $421 million budget shortfall and is planning to cut 927 jobs.

The vacant positions, including teachers and administrators, will save the district $103 million annually. [ more ]

sfist.com