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Assembly budget committee presents $351.7 billion three‑party budget package ahead of floor vote
Summary
The Assembly Budget Committee heard a Department of Finance presentation of the three‑party 2026 budget agreement, which totals $351.7 billion in expenditures and preserves $28.8 billion in reserves. Members discussed funding for education, Medi‑Cal, housing and wildfire prevention and said the package will be voted on later today.
Chair Dr. Jackson opened the hearing and announced, “Today is the day that we will, vote on our final 3 party agreement, for our 2026 budget,” signaling the Assembly's intent to move the agreement to the floor for a final vote later in the day.
Jessica Holmes of the Department of Finance delivered the budget overview, saying the 2026 package "includes total expenditures of 351,700,000,000" and "total reserves of $28,800,000,000," including a $4.5 billion economic uncertainty balance. Holmes described the plan as a mix of program adjustments and revenue actions intended to reduce out‑year structural deficits while protecting core services.
Members pressed staff on details across policy areas. Committee members and staff repeatedly emphasized that the final package balances competing priorities: investments in public education, additional child‑care slots, funding to backfill public hospitals, and targeted wildfire and public‑safety funding. The chair credited subcommittee chairs and staff for producing the package and said the Assembly will consider 19 budget trailer bills tied to the agreement.
The committee did not take a final vote at the hearing; members and staff said the Assembly floor would debate and vote on the bills later the same day. Dr. Jackson closed the hearing by thanking staff and opening a public comment period, which included dozens of organizations and stakeholders urging specific policy and implementation clarifications.
