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 Legislature has convened the Budget Conference Committee to discuss proposed changes to the February-adopted budget and reconcile planned spending with anticipated revenues. The Conference Committee expects to complete its work by mid-June. Presented herein is a summary of the major components of the May Revision to the 2009-10 state budget.