California Leaders Announce 2024 State Budget Agreement

SACRAMENTO – Gov. Gavin Newsom, Senate President pro Tempore Mike McGuire and Speaker of the Assembly Robert Rivas June 22 announced that they have reached an agreement on the 2024 state budget, which will support the state’s fiscal stability while preserving key programs that Californians depend on.

The agreement maintains the multi-year fiscal structure proposed by the Governor in the May revision to balance the budget in both 2024-25 and 2025-26, based on current revenue and spending projections. It maintains the responsible budget approach that has benefitted California in recent years, and also protects key safety net, housing, homelessness and classroom funding while preserving budget reserves to address future challenges.

Part of the agreement proposes additional legislation in August requiring the state to set aside a portion of anticipated surplus funds to be allocated in a subsequent budget act, so that the state does not commit certain amounts of future anticipated revenues until those revenues have been realized. A 2026 constitutional amendment to grow the state’s rainy day fund also will be pursued.

Details: Read an overview of the 2024 state budget agreement here: https://tinyurl.com/2024-Budget-Agreement-pdf