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Governor’s 2026 budget is a conservative ‘workload’ plan with large reserves and clear revenue risks
Summary
The Department of Finance presented a balanced 2026 governor’s budget that funds baseline programs and preserves reserves while deferring major new initiatives to the May revision; the package counts on volatile revenue sources and includes large Prop 98 increases for schools and Prop 2 debt payments.
The Department of Finance on the governor’s behalf presented the 2026 governor’s budget as a balanced, cautious “workload” proposal that largely funds baseline program costs and delays major policy additions until the May revision. Director, Department of Finance, said the package totals $348.9 billion with $248.3 billion in general fund spending and $23.0 billion in total reserves, and he described the approach as designed to maintain fiscal sustainability beyond the budget year.
The administration said it will use the May revision to finalize larger decisions, noting revenue volatility as the primary risk. The director contrasted the administration’s forecast with the Legislative Analyst’s Office…
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