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News Update

New forecast from Gov. Newsom projects record deficit 

California’s state budget will face a $54 billion deficit by the end of next year, the biggest in its history, the Newsom administration disclosed in documents released Thursday. The coronavirus’ immediate and disastrous impact on the state’s economy will result in a $42 billion decline in state revenues in 2019-20 and 2020-21, bringing the General Fund to under $100 billion for the first time since the end of the Great Recession.

The Department of Finance is projecting that funding for Proposition 98, the formula that determines spending for K-12 and community colleges, will drop by a record $18.3  billion. However, that appears to include the effect on the current year, which Gov. Gavin Newsom had assured would be funded, so the impact may not be quite as severe. (Go here for a press release and here for slides.)