May Revision resources and links
Governor Newsom released the May Revision of his January budget proposal on Friday, May 12, 2023. The Legislative Analyst’s Office (LAO) released its initial comments on the May Revision on Monday, May 15.
Estimates of major General Fund tax revenues for 2021-22, 2022-23, and 2023-24 (the “budget window” years that are the focus of this year’s budget process) were reduced in the May Revision, but still remain $84 billion above estimates included in the 2021 budget package. The June 2022 state budget package anticipated declining revenues in 2022-23, but the actual revenue decline has been greater than projected.
Following are key resources related to the May Revision.
LAO
Links to LAO May Revision analyses
Department of Finance
May Revision summary (“A pages”)
Trailer bill proposals (regularly updated)
May Revision Finance Letters (formal proposals)
May Revision Budget Change Proposals (BCPs)
Legislature
Assembly Budget Committee May Revision Highlights summary
Senate Budget and Fiscal Review Committee May Revision Overview summary
List of upcoming budget subcommittee hearings in the Senate
List of upcoming budget subcommittee hearings in the Assembly