Last Friday Governor Newsom presented his proposed budget for the next fiscal year that starts July 1. As usual, the revenue forecast is not reliable since no one can successfully predict stock market performance, which determines CA’s marginal revenues. That’s why there has been an 18 percent standard deviation between forecast and actual revenues during the Newsom Administration. For a different-but-also-unreliable forecast, see LAO’s fiscal outlook. More important at this stage is the spending forecast. If adopted, Newsom will have spent ~$3 trillion during his eight years as governor. We’re hoping someone evaluates what was achieved.
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