On May 14, Governor Arnold Schwarzenegger released the May Revision to the proposed budget for the current year (2009-10) and budget year (2010-11). State finances have continued a three-year decline, with anticipated General Fund spending of $83 billion, their lowest in six years. To address the budget shortfall, the Governor proposes major…

With the failure of most of the May 19 ballot measures, Governor Arnold Schwarzenegger has released additional proposed revisions to the current year (2008-09) and budget year (2009-10) state spending plans. The Governor and Legislature adopted an 18-month spending plan in late February, but that budget now has a $24 billion deficit. The…

On July 28, the Governor signed legislation making significant revisions to the 2009-10 state budget. The revised budget allocates $85 billion in State General Fund spending, down from the $92 billion in the budget approved by the Governor and Legislature in February. This budget revision also captures some savings from the just-completed 2008-09…