California’s Revenue Is Nearly $14 Billion Above Forecast
California’s general fund tax revenue is $13.9 billion above the forecast in the 2021-22 state budget, the Department of Finance (DOF) reported October 22. The report was foreshadowed by Governor Gavin Newsom, who cited the $14 billion figure October 20 when he announced that the state government will have another “historic budget surplus” in the next fiscal year. Newsom said that when he releases his 2022-23 budget proposal in January, “I’ll be announcing another historic budget surplus, record reserves, paying…