SACRAMENTO, Calif. (AP) — California is on track to have so much money that state officials will likely have to give even more of it back to taxpayers to meet constitutional limits on state spending, according to a new forecast from the state's independent Legislative Analyst's Office
https://www.usnews.com/news/best-states ... et-surplus.
The state's annual “Fiscal Outlook,” released Wednesday, predicts a $31 billion surplus for the 2022 budget year that begins July 1. The analyst's office says state is on pace to have so much money that it could exceed a constitutional limit on state spending by $26 billion over three years. That could require Gov. Gavin Newsom and state lawmakers to either cut taxes, spend more money on infrastructure or — perhaps the most popular choice in an election year — give rebates to taxpayers and spend more on public schools.
“We think it will ... turn out to be a pretty significant issue for the Legislature to consider in this coming budget process,” Legislative Analyst Gabe Petek said.
California Has Projected $31Billion Budget Surplus.
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California Has Projected $31Billion Budget Surplus.
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