{"id":2007624,"date":"2023-08-21T23:36:01","date_gmt":"2023-08-22T03:36:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-budget-now-affordable-multibillion-dollar-deficit-resolvable-legislative-analysts-office\/"},"modified":"2023-08-21T23:39:00","modified_gmt":"2023-08-22T03:39:00","slug":"californias-budget-now-affordable-multibillion-dollar-deficit-resolvable-legislative-analysts-office","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-budget-now-affordable-multibillion-dollar-deficit-resolvable-legislative-analysts-office\/","title":{"rendered":"California&#8217;s budget is now manageable, and the multibillion-dollar deficit can be resolved, according to the Legislative Analyst&#8217;s Office."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcalifornias-budget-now-affordable-multibillion-dollar-deficit-resolvable-legislative-analysts-office%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2007624&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>California&#8217;s Fiscal \u200cYear Budget Resolves\u200d Projected Deficit, Legislative Analyst&#8217;s Office Finds<\/h2>\n<p>In the 2023\u201324 fiscal year spending plan review (<a href=\"https:\/\/lao.ca.gov\/reports\/2023\/4788\/2023-Spending-Plan-081623.pdf\" target=\"_blank\" rel=\"noopener\">pdf<\/a>) released on Aug. \u200b16, the\u2064 Legislative Analyst\u2019s Office\u200d (LAO) \u200crevealed that the state&#8217;s budget will successfully address \u2062the projected deficit.\u2063 Ann Hollingshead, principal fiscal and policy analyst for the LAO, stated that &#8220;no \u200cfurther solutions are required to balance the 2023-24\u2062 budget at this time.&#8221;<\/p>\n<p>This latest analysis by the LAO contradicts\u2063 their previous estimates in May, which suggested that \u2064California could \u2063not afford the current\u200d fiscal year budget. At\u200c that time, analysts calculated a $31 billion deficit. However, after further review,\u200d the LAO discovered an error in their initial estimate, resulting \u200bin a slightly lower\u2062 budget problem than previously stated.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/california-deficit-expands-to-31-5-billion-newsom-proposes-broad-spending-cuts-in-revised-budget-5262925\">California Deficit Expands to $31.5 Billion, \u2063Newsom\u200d Proposes Broad Spending Cuts \u200din Revised \u200cBudget<\/a> \u2063 (5\/12\/2023)<\/li>\n<li><a href=\"http:\/\/www.theepochtimes.com\/us\/california-could-face-7-billion-higher-budget-deficit-than-first-forecast-5087460\">California \u200bMight Face $7 Billion Larger \u2064Budget Deficit Than First Predicted<\/a> \u2062(2\/27\/2023)<\/li>\n<\/ul>\n<\/blockquote>\n<p>The state&#8217;s current deficit follows two years of significant surpluses.\u2064 According to the report, \u2062deficits must \u2063be addressed by reducing spending or increasing revenue, as mandated by the State\u200c Constitution. The budget also\u2064 utilizes reserves to cover expenditures and\u200d shifts costs\u200b between funds\u2063 or fiscal years. Approximately $10.3\u2062 billion\u2062 in costs have been shifted \u2064for this year&#8217;s budget.<\/p>\n<figure style=\"width:600px\" class=\"alignnone\">\n  <img decoding=\"async\" src=\"image-url\" alt=\"California Gov. Gavin Newsom announces the May budget\u2062 revision in Sacramento on May \u206312, 2023. Newsom said the state's\u200b budget deficit has grown to \u200cnearly $32 billion, about $10 billion more than\u2062 predicted in January when the governor\u200c offered his first budget proposal.\u200c (Hector Amezcua\/The Sacramento Bee via AP)\"><figcaption>California \u200bGov.\u2063 Gavin Newsom announces the May budget revision \u200bin Sacramento on\u200b May 12,\u200c 2023. Newsom said the state&#8217;s budget deficit has grown \u2064to nearly $32 billion, about $10 billion more than predicted in January when the governor offered his first\u2062 budget proposal. (Hector Amezcua\/The Sacramento \u2062Bee via AP)<\/figcaption><\/figure>\n<p>The \u200cbudget deficit for this year is primarily attributed to lower-than-expected revenues, including a decline in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-states-can-lead-america-back-towards-lower-taxes-and-less-government\/\" title=\"How States Can Lead America Back Towards Lower Taxes And Less Government\">personal income tax<\/a> \u200cand\u2062 investment in California businesses. Additionally,\u200d new \u200cdiscretionary spending accounts for $4.5\u200c billion of the deficit.<\/p>\n<p>To address the deficit, the Legislature\u2062 has made cuts of $5.6 billion in previously approved policies\u200c and\u2062 programs. Notable \u2064reductions include a $750 million payment on the state&#8217;s unemployment insurance\u2063 loan, which has burdened businesses with nearly \u2062$19\u200b billion in debt payable through increased taxes per employee. Other \u200bcuts include\u2063 $549 million \u2062for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californias-budget-now-affordable-multibillion-dollar-deficit-resolvable-legislative-analysts-office\/\" title=\"California's budget is now manageable, and the multibillion-dollar deficit can be resolved, according to the Legislative Analyst's Office.\">low-income families&#8217; utility bills<\/a> and \u200b$280 million for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/calif-greenies-hatch-tiolet-to-tap-plan-amid-enforced-daily-waste-of-fresh-rain-water-to-save-fish\/\" title=\"Calif. Greenies propose 'Toilet-to-Tap' to conserve water and protect fish.\">water recycling projects<\/a>.<\/p>\n<p>Furthermore, projected\u200c costs of $6.7 billion for various\u2062 programs have been postponed. These include \u200bfunding for zero-emission school buses, higher\u200c education housing, and \u2064broadband in rural \u200bcommunities.<\/p>\n<figure style=\"width:600px\" class=\"alignnone\">\n  <img decoding=\"async\" src=\"image-url\" alt=\"Cars and pedestrians travel in western Los Angeles on Nov. 10, \u20622021. (John Fredricks\/The Epoch Times)\"><figcaption>Cars and \u2063pedestrians travel in western \u2064Los Angeles on \u200dNov. 10, 2021. (John Fredricks\/The Epoch Times)<\/figcaption><\/figure>\n<p>On the revenue\u2062 side, the budget \u2064includes the renewal and increase of the managed care organization tax, which\u2062 is expected to generate over $19 billion by 2026.<\/p>\n<p>While \u2062the budget deficit for the 2023 fiscal year can \u2064be resolved, the report highlights the need for lawmakers\u200d to reconsider $12.5\u200d billion in temporary spending\u2064 for this year, as well as $9.4 billion in\u200c 2024\u201325 and\u2062 $4.1 billion in 2025\u201326. \u200cThese temporary expenditures were authorized during times of surpluses and should be \u2064re-evaluated given the current economic climate.<\/p>\n<p>&#8220;To the extent \u200cbudget \u2062problems persist\u2014as we anticipate is likely\u2014the Legislature would\u200b have to revisit these and other spending augmentations in\u200c the future,&#8221; the report advises.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Legislative Analyst&#8217;s Office released a review of the 2023-24 fiscal year spending plan, stating that it will resolve the state&#8217;s projected deficit of $27 billion. No additional measures are needed to balance the budget.<\/p>\n","protected":false},"author":1905,"featured_media":2007625,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2007624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1905"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2007624"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2007624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2007625"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2007624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2007624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2007624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}