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Department of Finance presents balanced 2025–26 budget, highlights wildfire response and rainy-day changes
Summary
Erica Lee of the Department of Finance told the Board the governor's proposed 2025'26 budget is balanced without new cuts, boosts reserves and proposes changes to Proposition 2; the presentation included $2.5 billion in special-session wildfire response for recent Los Angeles-area fires.
Erica Lee, deputy director at the California Department of Finance, presented the governor's proposed 2025'26 budget to the Board of Equalization on Feb. 19, saying the plan is balanced without the borrowing, cuts or deferrals that were required in prior years.
The presentation matters because the governor's budget frames state spending priorities for the year ahead, and Lee emphasized both higher-than-expected revenues and continuing risks tied to federal policy and revenue volatility.
Lee said the state projects about $16.5 billion in additional revenue compared with the 2024 budget act and proposed total spending of roughly $322 billion in total funds, including $229 billion from the General Fund. The proposal maintains a planned $7.1 billion withdrawal from…
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