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California faces budget deficit of $22.5B, governor says
State
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California faces budget deficit of $22.5B, governor says

  • By ADAM BEAM Associated Press
  • Updated

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.

State cuts cannabis tax
State
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State cuts cannabis tax

  • By Alexei Koseff CalMatters

California is significantly overhauling its cannabis tax structure, including entirely eliminating a tax on growers, in an effort to boost a s…

Half Moon Bay budget on track
Local News
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Half Moon Bay budget on track

  • Curtis Driscoll Daily Journal staff

Half Moon Bay expects increased tax revenue from tourism to help balance its upcoming 2022-23 budget, with the council satisfied with the city…