GGRF revenue outlook drops to $2.7B; lawmakers warned Tier 3 programs face cuts
LAO and Finance told the subcommittee that updated CARB rules and other factors reduced 26‑27 auction proceeds to an estimated $2.7 billion, heightening risks to Tier 3 programs (transit, wildfire resilience, safe drinking water) and prompting calls for a short-term backfill.
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Legislative analysts and finance staff told the Senate subcommittee that updated Air Resources Board regulations and other market factors reduced estimated Greenhouse Gas Reduction Fund auction proceeds for 26-27 from $3.4 billion (May Revision) to $2.7 billion.
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