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California’s Rainy Day Fund and Other Budget Reserves Overview

California’s state budget reserves, including the “rainy day fund” and other reserve accounts, serve as a financial safety net for services like education, health care, and child care during economic downturns. The rules for depositing and withdrawing funds are complex, and policymakers should consider reforms, such as excluding reserve deposits from the Gann …

California Budget

Tax and Revenue Policy Glossary

What’s the difference between income and wealth? Taxes for individuals and corporations in California? Tax credits and deductions? Corporate revenues and corporate profits? Understanding these key terms is critical to navigating the state budget and its intersection with California’s tax and revenue system to generate ongoing resources and provide quality education, affordable health care, child …

Taxes & Revenue

First Look: Understanding the Governor’s Proposed 2026-27 California Budget

Governor Gavin Newsom released his proposed 2026-27 California state budget on January 9, projecting a small and manageable deficit of $2.9 billion. The governor’s proposal projects $42.3 billion in additional revenue across the “budget window” (fiscal years 2024-25 to 2026-27) compared to projections made last June in the enacted budget. The $248.3 …

California Budget

California State Budget Terms Defined

What’s the difference between a trailer bill and a policy bill? A surplus and an operating surplus? Special funds and the General Fund? And what exactly is a “Budget Bill Jr.”? Understanding these and other key budget-related terms is critical to navigating the California state budget process and effectively engaging decision-makers in order to advocate …

California Budget

How Federal and State Budget Cuts Threaten Latinx Californians

Federal budget cuts to essential services threaten to worsen long-standing inequities for Latinx Californians and immigrants, underscoring the urgent need for state leaders to protect communities through stronger investments and fairer tax policies. Access to affordable health care, child care, housing, and food is necessary for all Californians to thrive. However, congressional members …

Poverty & Inequality

Federal Funds Drive One-Third of California’s State Budget

Federal dollars support a wide array of public services and systems that touch the lives of all Californians — from health care and food assistance to child care and public schools. Some of these services face unprecedented cuts under the Republican-passed budget bill that President Trump signed in July. These federal reductions target vital services …

Reconciliation Bill Passed by House Republicans Would be Devastating for Californians

The House reconciliation bill would deeply harm Californians by cutting funding for essential programs like health care, food assistance, and education — while granting massive tax breaks to the wealthy and corporations. These cuts would disproportionately impact families with low incomes, immigrants, and communities of color, pushing more people into poverty and widening …

First Look: Understanding the Governor’s 2025-26 May Revision

Governor Gavin Newsom released a summary of the May Revision to his proposed 2025-26 California state budget on May 14, proposing nearly $12 billion in budget actions to close an estimated 2025-26 deficit ($7.5 billion) and build up the state’s discretionary reserve ($4.5 billion). In contrast, the governor’s January proposal projected a …

California Budget