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Administration presents balanced governor's budget but warns of out‑year risks
Summary
The Department of Finance and the Legislative Analyst's Office told the Senate Budget Committee the governor's 2025–26 budget is balanced under current assumptions but warned of structural deficits in the out years and several immediate risks, including wildfire recovery and federal policy uncertainty.
The Department of Finance and the Legislative Analyst's Office told the California State Senate Committee on Budget and Fiscal Review that the governor's 2025–26 budget is balanced under current assumptions but faces significant risks in later years.
Bridal Lee of the Department of Finance told the committee the administration now projects about $16.5 billion in higher revenues over the budget window compared with the 2024 Budget Act and proposes a $322 billion total‑fund budget, including $229 billion in General Fund. Lee said the administration would withdraw $7.1 billion from the Budget Stabilization Account (the state's rainy‑day fund) as planned in the 2024 agreement and would leave roughly $17 billion in reserves, including $4.5 billion in a fund for economic uncertainties. "The governor's…
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