Early action budget agreement announced
$17 billion of budget-balancing actions planned, with more difficult decisions to come
Governor Newsom, Speaker Robert Rivas, and Senate President pro Tempore Mike McGuire announced an agreement on $17 billion in early actions to significantly reduce the 2024 California budget shortfall. The actions encompass about two-thirds of the Governor’s proposed budget-balancing actions from January (excluding reserve draw downs), leaving many of the most difficult proposals for June budget action.
The press release announcing the agreement is here: https://www.gov.ca.gov/2024/04/04/california-leaders-announce-early-action-agreement-to-significantly-reduce-budget-shortfall-vote-planned-for-next-week/
An Assembly Budget Committee early action summary is here: https://abgt.assembly.ca.gov/system/files/2024-04/early-action-summary-thursday-april-4-2024.pdf
A Senate early action summary is here: https://sbud.senate.ca.gov/sites/sbud.senate.ca.gov/files/Shrink%20the%20Shortfall%20Agreement%20Details%20Final.pdf
Legislative floor votes on AB 106 or SB 106, a “budget bill jr.” with the early action plan, are expected on or about Thursday, April 11, with budget committee hearings prior to that. (The custom is that mirror budget vehicles are amended in each house, with the Senate now in possession of the AB version and the Assembly now in possession of the SB version.) AB 106 and SB 106 are expected to be amended to reflect the early action proposal in the coming few days.