CA Budget

Governor Newsom’s May Revise: $32B Shortfall, Climate Investments Intact

Governor Newsom’s May Revise: $32B Shortfall, Climate Investments Intact

In May, Governor Newsom released his May Revision for budget year 2023-24, also known as the “May Revise,” with a projected budget shortfall of approximately $32 billion – $9 billion greater than predicted in January. The May Revise maintains the $48 billion in climate investments proposed in the Governor’s January budget without further cuts, but proposes a shift of approximately $1.1 billion in existing commitments for inclusion in a future legislative climate bond.