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May 16, 2022

May Revision of the 2022 – 2023 State Budget: Historic Surplus Directed to One-time Projects

Governor Newsom released his May Revise of the state budget on May 13, 2022. The budget includes a projected record $97.5 billion surplus, including $49.2 billion in discretionary surplus. The Governor’s plan would spend 94 percent of this discretionary surplus on one-time projects. The historic $300.6 billion budget ($227.3 billion general fund) includes $37.1 billion in reserves, with $23.3 billion in the state’s rainy day fund.