budget shortfall

Golden State Could Have $25 Billion Deficit in 2023-24 Fiscal Year

California’s government may have a faceoff with a $25 billion budget shortfall in the upcoming fiscal year as tax revenues decline, according to a report issued by the state’s nonpartisan Legislative Analyst’s Office (LAO). Legislative Analyst Gabriel Petek said during a Nov. 16 video press briefing that if the predicted downturn happens, it will be the Golden State’s weakest revenue performance since the 2008 to 2009 Great Recession. “It is not insignificant, but it is also manageable,” Petek said. “We don’t think of this as a budget crisis. We just think of it as a notable budget problem that the