California State Controller Malia Cohen said she is “cautiously optimistic” after Gov. Gavin Newsom signed the 24-25 state budget on June 29.
Cohen, who serves as the state’s chief fiscal officer, said the agreement Newsom signed balances the budget, closing a $45 billion shortfall.
Cohen said although the budget will continue to support critical programs and services most Californians rely on, “its impact on economically disadvantaged communities is yet to be determined.”
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“I commend Governor Newsom and the Legislature for including tools in this budget that would further protect the fiscal integrity of the budget in future years,” Cohen continued. “I look forward to providing California taxpayers and the Governor and the Legislature critical audit services to ensure that the money appropriated is used for its intended purpose.”
According to the Governor’s office, the budget will also maintain $22.2 billion in reserves at the end of the fiscal year.
Newsom called the agreement “responsible.”
“Thanks to careful stewardship of the budget over the past few years, we’re able to meet this moment while protecting our progress on housing, homelessness, education, health care and other priorities that matter deeply to Californians,” Newsom wrote in a statement. “I thank the Legislature for their partnership in delivering this sound and balanced plan.”
