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California Gov. Gavin Newsom has projected a $22.5 billion budget deficit for the upcoming fiscal year. That's a sharp turnaround from the $98 billion surplus Newsom had to work with last year. Newsom announced the deficit Tuesday as he lays out his spending priorities for the fiscal year that starts in July. The state has about $35.6 billion in reserves. The deficit isn't surprising. California relies heavily on taxes from the richest Californians, which can cause budget whiplash as the economy and stock market shift. Still, the deficit could signal the end of a decade's worth of economic growth in the nation's most populous state.
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After years of record-high education funding, California is now projecting a $2.6 billion deficit for schools and community colleges starting …
SACRAMENTO, Calif. (AP) — California will likely have a $25 billion budget deficit next year, state officials announced Wednesday, ending a ru…
Every city on the Peninsula was hit hard by the pandemic. Revenue dropped, and even the most well-run cities had to dip into reserves to make …
WASHINGTON (AP) — With inflation raging near its highest level in four decades, President Joe Biden on Tuesday signed into law his landmark In…
While Foster City expects a small surplus in its 2022-2023 budget thanks to pandemic federal funding, the city faces structural deficits in th…
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Faced with expenses likely to outpace revenue for years to come, San Bruno officials are eyeing a budget for the coming fiscal year that imple…
WASHINGTON (AP) — President Joe Biden on Wednesday highlighted new figures showing the government's red ink will grow less than expected this …
