After months of negotiations with legislators, Governor Gavin Newsom signed multiple budget measures on July 10 to fund the 2023-2024 state budget, including funding for several key agriculture and water programs.
To address the approximately $32 billion deficit, the governor and legislators cut, delayed and shifted some spending. California’s tax structure is heavily reliant upon personal income taxes, corporate taxes and sales and use taxes, and the deficit results from lower state revenues caused in part by inflation and stock market struggles. Read more