$100 Billion Surplus Turns Into $24 Billion Deficit

California Gov. Gavin Newsom speaks during a press conference in San Francisco on Oct. 6, 2022. Justin Sullivan/Getty Images

Commentary

Just like that, California’s record $100 billion surplus has vanished into the Pacific Ocean fog, replaced by a $24 billion deficit. That’s according to the projections of the nonpartisan Legislative Analyst for fiscal year 2023–24, which begins July 1, 2023, in “The 2023‑24 Budget: California’s Fiscal Outlook.”